Certive Solutions Inc. (CSE: CBP) Announces Closure of C$2,100,000 Unit Private Placement & $400,000 Convertible Debenture Pr...
February 17 2014 - 9:00AM
Marketwired
Certive Solutions Inc. (CSE: CBP) Announces Closure of C$2,100,000
Unit Private Placement and $400,000 Convertible Debenture Private
Placement
SCOTTSDALE, ARIZONA--(Marketwired - Feb 17, 2014) - The Board of
Directors of Certive Solutions Inc. (CSE:CBP) ("Certive" or the
"Company") is pleased to announce that effective February 14, 2014,
the Company has successfully closed its previously announced
C$2,100,000 unit private placement and C$400,000 convertible
debenture private placement.
The Company has sold 21,000,000 units in a non-brokered private
placement, each unit consisting of one common share and one-half of
one common share purchase warrant. One whole warrant entitles the
holder to purchase one additional common share at $0.15 per share
for a period of two years commencing February 14, 2014. The Company
has raised a total of C$2,100,000 from the unit private placement
which has and will be utilized to expand its claims denial
management business within the U.S. hospital market.
In addition, the Company is pleased to announce that it has
closed the previously announced C$400,000 non-brokered private
placement of convertible debentures. Each debenture is convertible
into common shares of the Company at a price of C$0.15 per share
for a term of five years, resulting in the issuance of a further
2,666,667 common shares when fully converted. The debenture will
bear simple interest calculated at the rate of 5% per annum and may
be paid in shares at the Company's option. It is an unsecured
debenture and conversion is at the option of the holder.
The greenshoe option associated with the Unit private placement
totals 15% of the amount raised in the private placement for an
aggregate value of C$315,000 and will be held open until the close
of business on February 25, 2014.
With the closure of the Unit and Debenture financings the
Company is now positioned to become a recognizable force in
providing technology enabled revenue management solutions to U.S.
hospitals. Certive's business provides revenue recovery solutions
to hospitals in the collection of claims that have been denied by
insurance providers.
Certive's cloud-based solutions utilize workflow technologies,
on-site supervisory assistance, and clinical support from our
strategic partners that increase both the speed and amount of
revenue recovery for hospitals. Integrating patient clinical data
and patient accounting records through our technologies is a key
differentiator to successful recovery.
Van Potter, CEO of the Company, stated "Certive's strategic
growth will be achieved by remaining focussed on specific revenue
cycle management opportunities such as denied claims and by
leveraging our technology, solutions, and association with
strategic partners that provide credentialed access to decision
makers within U.S. hospitals."
ON BEHALF OF THE BOARD OF DIRECTORS OF CERTIVE SOLUTIONS
INC.
Van Potter, President, CEO, Director
About Certive Solutions Inc.
Certive Solutions Inc. (Scottsdale, Arizona) provides cloud
revenue cycle management solutions to U.S. hospitals, delivered
collaboratively, utilizing proprietary workflow document management
and analytics technologies tailored to healthcare business
processes. Certive is currently focused on the denied claim segment
of revenue cycle management.
The forward-looking information contained in this press
release is made as of the date of this press release and except as
required by applicable law, the company does not undertake any
obligation to update publicly or to revise any of the included
forward-looking information, whether as a result of new
information, future events or otherwise. By its very nature, such
forward-looking information requires the company to make
assumptions that may not materialize or that may not be
accurate. This forward-looking information is subject to known and
unknown risks and uncertainties and other factors, which may cause
actual results, levels of activity and achievements to differ
materially from those expressed or implied by such information.
Neither the Canadian National Stock Exchange nor its regulation
services provider (as that term is defined in the policies of the
Canadian National Stock Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Brian CameronChief Financial OfficerCertive Solutions
Inc.602-865-9356bcameron@certive.com
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