Open Source Health Obtains Loan
Toronto, Canada – November 26, 2014: Open Source Health Inc. (CSE: OSH) (the “Company”), a cloud based integrative healthcare platform that puts control in the hands of women to educate, advocate and collaborate on their own healthcare, is pleased to announce that it has received a loan of $75,000 from Pilkington Capital Corporation, a company controlled by the Chairman of the Company. Proceeds of the loan will be used to fund marketing and working capital. The loan is payable six months from the date of issuance and bears interest of 15% per annum. If repayment is not made at maturity interest is 20%. Pilkington Capital Corporation will receive 150,000 common share purchase warrants (a “Warrant”) in the capital of the Company in connection with the loan.
Each Warrant will entitle the holder thereof to purchase one common share of the Company at a price of $0.50 for a period of 36 months from the date of issuance of the Warrant.
Mr. Bartholomew is the Chairman and a director of the Company. The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 based on financial hardship and the fact that the common shares of the Company are listed on the Canadian Securities Exchange. A material change report in connection promissory note will be filed less than 21 days before the closing of the transaction. This shorter period is reasonable and necessary in the circumstances due to the fact that the Company requires the funds to continue operations.
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.