Toronto, Ontario, Canada / TheNewswire / December 21, 2017:  Open Source Health Inc. (the “Company”) (CSE:OSH), (Frankfurt:0OS), a cloud based precision health platform that puts control into the hands of women to educate, advocate and collaborate on their own healthcare is pleased to announce that its previously announced non-brokered private placement of units (“Units”) for aggregate gross proceeds of up to $1,300,000 (the “Offering”) at a price of $0.02 per Unit (see news release dated December 14, 2017), has been over-subscribed, resulting in the issuance of an additional 26,325,000 Units of the Company at a price of $0.02 per Unit.  

 

Each Unit is comprised of one common share of the Company (each a “Common Share”) and one common share purchase warrant of the Company (each a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share at a price of $0.05 per Common Share for a period of two (2) years.

 

In connection with the completion of the Offering, certain eligible persons (the “Finders”) were paid a cash commission equal to 8% of the proceeds raised from subscribers introduced to the Company by such Finders, and issued an aggregate of 4,366,000 finder warrants (the “Finder Warrants”) equal to 8% of the securities purchased by such subscribers.  Each Finder Warrant entitles the holder thereof to purchase one Common Share at a price of $0.05 per Common Share for a period of two (2) years.

Aggregate gross proceeds raised by the Company pursuant to the Offering was $1,826,500.

All securities issued under the Offering are subject to a four month and one day statutory hold period expiring on April 22, 2018.

The Offering constituted a “related party transaction” as defined in Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (“MI 61-101”), as an insider of the Company acquired 8,450,000 Units. 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 the insider 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.

 

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.

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.

 

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.