Open Source Health Provides Update to Non-Brokered Private Placement
Toronto, Canada – October 26, 2015: Open Source Health Inc. (CSE: OSH) (the “Company”), a cloud based patient engagement system that puts control in the hands of women to Educate, Advocate and Collaborate on their own healthcare, wishes to announce that further to its news release dated July 10, 2015, the previously announced non-brokered private placement of units (the “Units”) for gross proceeds of $250,000 is to be amended to closing of $132,055.00
Each Unit will consist of one common share (“Common Share”) in the capital of the Company and one common share purchase warrant (a “Warrant”), each Warrant entitling the subscriber to purchase an additional Common Share for a period of twenty-four (24) months from the date of issuance at a price of $0.35 per Warrant. The Offering will be subscribed for by Pilkington Capital Corporation (“Pilkington”), a company controlled by Mr. Gary Bartholomew, a director and Chairman of the Company and Ms. Sonya Satveit, a director, President and CEO of the Company.
The participation by Pilkington and Ms. Satveit in the Offering constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Offering is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of securities being issued to the related party nor the consideration being paid by the related party will exceed 25% of the Company’s market capitalization. A material change report in respect of the related party transaction will be filed less than 21 days before the closing of the Offering due to the Company’s immediate need to address its financial situation.
Proceeds raised from the Offering will be used for business development, corporate marketing initiatives, project specific infrastructure and general working capital purposes.
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 leading the digital transformation of integrative and preventative health by leveraging the latest trends in digital health, personalized health, social health and participatory medicine.
For more information, visit www.opensourcehealth.com
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Bartholomew, Executive Chairman
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
Website contact: www.opensourcehealth.com/contact-new
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.