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Source: WELL Health Technologies Corp.
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  • WELL Health Technologies (WELL) has completed a $70 million bought deal public offering of convertible senior unsecured debentures
  • The debentures, due December 31, 2026, were priced at $1,000 and have a coupon of 5.50 per cent per annum
  • Eight Capital and Scotiabank acted as joint bookrunners, together with a syndicate of underwriters
  • The company intends to use the net proceeds to fund growth initiatives and repay indebtedness
  • WELL Health Technologies Corp owns and operates a portfolio of primary Health clinics delivering healthcare-related services

WELL Health Technologies (WELL) has completed a $70 million bought deal public offering of convertible senior unsecured debentures.

The debentures, due December 31, 2026, were priced at $1,000 and have a coupon of 5.50 per cent per annum and a conversion price of $9.23 per WELL common share.

Eight Capital and Scotiabank acted as joint bookrunners, together with a syndicate of underwriters that included Stifel GMP as co-lead underwriter, Canaccord Genuity Corp., CIBC World Markets Inc., Desjardins Securities Inc., Laurentian Bank Securities Inc., TD Securities Inc., Beacon Securities Limited, Echelon Wealth Partners Inc., Haywood Securities Inc., Paradigm Capital Inc. and PI Financial Corp.

Hamed Shahbazi, Chairman and CEO of WELL, commented on the successful capital raise.

“We wish to thank the investment community and in particular the high-quality institutional investors who have supported us in this Offering. These funds will allow us to continue to execute on our growth strategy for 2022 and beyond, and we look forward to continuing our tech enablement of healthcare practitioners.”

The company intends to use the net proceeds to fund growth initiatives, including future acquisitions, to repay indebtedness and for working capital and general corporate purposes.

WELL is a technology-enabled healthcare company whose objective is to impact health outcomes to empower and support healthcare practitioners and their patients. WELL has built an innovative practitioner enablement platform that includes comprehensive end-to-end practice management tools inclusive of virtual care and digital patient engagement capabilities as well as Electronic Medical Records (EMR), Revenue Cycle Management (RCM) and data protection services. 

WELL Health Technologies Corp. (WELL) is up 0.52 per cent on the day, trading at C$5.86 per share at 1:45 pm EST.

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