Open Source Health Announce Shares for Debt Settlement
Toronto, Ontario, Canada – February 9, 2015: Open Source Health Inc. (CSE:OSH), (Frankfurt:0OS), is leading the digital transformation of integrative medicine with its cloud-based healthcare platform. OSH puts control into the hands of women to educate, advocate and collaborate on their own healthcare and is pleased to announce that it has agreed to settle an aggregate of $64,738.64 of indebtedness owed to certain arm’s length creditors through the issuance of $20,000 in cash and 60,000 common shares (“Common Shares”) in the capital of the Company at a deemed issuance price of Cdn.$0.745644 per common share. All common shares issued in connection with the shares for debt transaction are subject to a four month statutory hold period.
In addition, in order to facilitate the ongoing financing of the Company, Ms. Sonya Satveit has entered into automatic securities disposition plan in accordance with the guidance provided in OSC Staff Notice 55-701, pursuant to which up to 5,000,000 Common Shares and 2,500,000 Common Share purchase warrants (“Warrants”), each Warrant entitles the holder to acquire a Common Share on or before January 31, 2016, at an exercise price of $0.85 per Common Share, may be automatically sold in block trades, and her Warrants sold privately. All trades will be reported on SEDI in the normal course. Ms. Satveit intends to use the proceeds from the sale of the securities sold pursuant to these block trades, to subscribe for securities of the Company in order to provide working capital to the Company. Details of this private placement will be provided prior to completion.
About Open Source Health Inc.:
Open Source Health takes a truly patient-centered approach and is in the business of providing a real-time integrative healthcare solution for women in an open source architecture. Open Source Health Inc. is set to lead the current healthcare revolution by leveraging the latest trends in digital health, personalized health, social health, and participatory medicine.
For more information, visit www.opensourcehealth.com
For further information, please contact Investor Relations at Open Source Health Inc.
Toll Free: 1.866.403.1933
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Open Source Health Inc. (“OSH”), including, but not limited to, the impact of general economic conditions, industry conditions and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and OSH does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.