Open Source Health Announces Closing of Private Placement and Debt Settlement
Toronto, Ontario, Canada – June 13, 2016: Open Source Health Inc. (CSE:OSH), (Frankfurt:0OS), a cloud based precision medicine platform that puts control into the hands of women to educate, advocate and collaborate on their own healthcare is pleased to announce that it has completed a private placement for gross proceeds of $170,000 (the “Offering”) through the issuance of 1,133,333 units (the “Units”) of the Company at a price of $0.15 per Unit. Each Unit is comprised of one common share (a “Common Share”) and one common share purchase warrant (a “Warrant“). Each Warrant entitles the holder thereof to acquire one additional Common Share of the Company exercisable for a period of 24 months from the closing of the Offering at an exercise price of $0.30 per Common Share.
In connection with the Offering, the Company has agreed to issue 250,000 Common Shares to RAMPartners S.A. (the “Agent”) for providing capital raising placement agent consulting services pursuant to a Capital Raising Placement Agent Agreement entered into between the Company and the Agent.
In addition, the Company also announces that it has agreed to settle an aggregate of $7,100.68 of indebtedness owed to an arm’s length creditor through the issuance of 47,338 common shares in the capital of the Company at a deemed price of $0.15 per common share.
All securities issued are subject to a hold period until October 7, 2016 pursuant to applicable securities laws.
About Open Source Health Inc.:
Open Source Health takes a truly patient-centered approach and is in the business of providing a cloud based, real-time precision medicine platform to Clinics and Practices that focus on Women’s Health. Open Source Health Inc. is leading the digital transformation of healthcare by leveraging the latest trends in digital health, precision medicine, molecular medicine, integrated and personalized health, social health and participatory medicine. This is medicine for the 21st century.
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 in North America
International Calling: +01.647.872.9986
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.