Toronto, Ontario, Canada / TheNewswire / January 13, 2017: Open Source Health Inc. (CSE:OSH), (Frankfurt:0OS), a cloud based precision medicine platform that puts control into the hands of women to educate, advocate and collaborate on their own healthcare is pleased to announce that it has completed a private placement with the Company’s CEO, Sonya Satveit, through the issuance of 1,000,000 units (the “Units”) of the Company at a price of $0.05 per Unit for gross proceeds of $50,000 (the “Offering”).  Each Unit is comprised of one common share (a “Common Share”) and one common share purchase warrant (a "Warrant").  Each Warrant entitles the holder thereof to acquire one additional Common Share (a “Warrant Share”) of the Company for a period of thirty-six (36) months from the date of closing of the Offering at an exercise price of $0.15 per Warrant Share.

All securities issued under the Offering are subject to a four month and one day statutory hold period until May 12, 2017 pursuant to applicable securities laws.    

 

The participation by Ms. Satveit in the Offering constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 (“MI 61-101”).  The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Offering by insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.  The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the Offering, which the Company deems reasonable in the circumstances so as to be able to avail itself of the proceeds of the Offering in an expeditious manner.

 

Following completion of the Offering, Ms. Satveit now owns 3,145,753 Common Shares, 4,571,320 common share purchase warrants and options to purchase 87,500 common shares of the Company, representing approximately 23.32% of the issued and outstanding Common Shares of the Company.  If Ms. Satveit were to exercise all of her convertible securities she would own 7,804,573 Common Shares, representing approximately 42.99% of the Company’s then outstanding Common Shares, on a partially diluted basis.  The securities were acquired by Ms. Satveit for investment purposes. Ms. Satveit has a long-term view of the investment and may, depending on market and other conditions, or as future circumstances may dictate, from time to time, on an individual or joint basis, increase or dispose of some or all of the existing or additional securities he holds or will hold, or may continue to hold his current position. Depending on market conditions, general economic and industry conditions, the Company’s business and financial condition and/or other relevant factors, Ms. Satveit may develop such plans or intentions in the future. A copy the early warning report in respect of this transaction will be available on the Company’s issuer profile on SEDAR at www.sedar.com, or by contacting the Company at the contact information set out below.

  

About Open Source Health Inc.:

Open Source Health takes a truly patient-centered approach and is in the business of providing a cloud based, real-time precision medicine platform to Clinics and Practices that focus on Women’s Health. Open Source Health Inc. is leading the digital transformation of healthcare by leveraging the latest trends in digital health, precision medicine, molecular medicine, integrated and personalized health, social health and participatory medicine. This is medicine for the 21st century.

For more information, visit www.opensourcehealth.com

Contact:

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       
http://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.