WELL Health greenshoe increases 8% convertibles to C$9.5 million

By Angela McDaniels

Tacoma, Wash., June 13 – The underwriters of WELL Health Technologies Corp.’s 8% convertible debentures due June 30, 2024 exercised their over-allotment option in full, increasing the size of the issue to C$9.5 million.

The company said an additional C$1 million tranche will be issued on or before June 20, which will bring the issue size to C$10.5 million.

As previously reported, the company priced C$8 million of the convertibles with a 36% conversion premium on May 30 in a bought deal private placement.

The syndicate of underwriters was led by GMP Securities LP and included Beacon Securities Ltd., Eight Capital Corp., Gravitas Securities Inc., Haywood Securities Inc. and PI Financial Corp.

Proceeds are expected to be used for future acquisitions, including the potential acquisition of KAI Innovations, organic growth investments, working capital and general corporate purposes.

WELL Health operates 19 medical clinics as well as an electronic medical records business that supports the digitization of such clinics. The company is based in Vancouver, B.C.

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