VANCOUVER, British Columbia, Nov. 09, 2020 — CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a telemedicine company revolutionizing the delivery of healthcare to patients, is excited to announce that it closed the previously announced short form prospectus offering, on a bought deal basis (the “Offering”), including the full exercise of the underwriters’ over-allotment option.
Pursuant to the Offering, the Company issued a total of 15,525,000 common shares (the “Shares”) at a price of $2.40 per Share for aggregate gross proceeds of $37,260,000. The Offering was led by Canaccord Genuity Corp. and Beacon Securities Ltd. on behalf of a syndicate of underwriters including Echelon Wealth Partners Inc. The Company issued the underwriters an aggregate of 1,086,750 broker warrants. Each broker warrant is exercisable to acquire one Share at the exercise price of $2.40 per Share for a period of 24 months from the closing date of the Offering.
CloudMD intends to use the proceeds of the Offering for future acquisitions.
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD”
Chief Executive Officer