CloudMD Announces Closing of Oversubscribed $37.26 Million Bought Deal Public Offering

CloudMD Announces Closing of Oversubscribed $37.26 Million Bought Deal Public Offering




CloudMD Announces Closing of Oversubscribed $37.26 Million Bought Deal Public Offering

VANCOUVER, British Columbia, Nov. 09, 2020 (GLOBE NEWSWIRE) — 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
FOR ADDITIONAL INFORMATION CONTACT:

Julia Becker
VP, Investor Relations
julia@cloumd.ca

About CloudMD Software & Services

CloudMD is digitizing the delivery of healthcare by providing a patient centric approach, with an emphasis on continuity of care. The Company offers SAAS based health technology solutions to healthcare providers across North America and has developed proprietary technology that delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, educational resources and artificial intelligence (AI). CloudMD currently services a combined ecosystem of over 500 clinics, almost 4000 licensed practitioners and 8 million patient charts across North America.

ON BEHALF OF THE BOARD OF DIRECTORS

“Dr. Essam Hamza, MD”
Chief Executive Officer
FOR ADDITIONAL INFORMATION CONTACT:

CloudMD Software & Services Inc.
investors.cloudmd.ca
Email: investors@cloudmd.ca

Forward Looking Statements

This news release contains forward-looking statements that are based on CloudMD’s expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to its business plans and the use of proceeds from the Offering. Although CloudMD believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and CloudMD undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.