/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Feb. 10,
2023 /CNW/ - CareSpan Health, Inc. (TSXV:
CSPN) ("Company" or "CareSpan"), announces it is proposing
to reduce the exercise price of 2,491,131 common share purchase
warrants (the "Warrants") issued on September 14, 2022 as per the closing of a
private placement of units of the Company, as announced on
September 14, 2022.
As issued, each Warrant entitles the holder to purchase one
common share of the Company (each, a "Warrant Share") for a
period of 60 months from the date of issue of the Warrants at an
exercise price of $0.40 per Warrant
Share. CareSpan intends to lower the exercise price of the Warrants
from $0.40 to $0.15 per Warrant Share (the "Warrant
Repricing"), in accordance with the policies of the TSX Venture
Exchange (the "TSXV"). No Warrants have been exercised to
date.
The Warrant Repricing and the number of Warrants to be repriced
is subject to the acceptance of the TSXV.
Certain individuals who are each considered a "related party"
(as such term is defined under Multilateral Instrument 61-101,
Protection of Minority Security Holders in Special
Transactions ("MI 61-101")) hold the class of Warrants
which are subject to the Warrant Repricing:
Related
Party
|
Warrants
Held
|
Rembert de Villa (Chief
Executive Officer)
|
260,700
|
William Bradford
White
|
1,200,000
|
ICME International
AG*
|
263,157
|
* ICME International AG
is a healthcare consulting organization based in Germany and
Switzerland, which Holger Micheel-Sprenger (a director of the
Company) is CEO and has an ownership stake in.
|
|
The Warrant Repricing constitutes a related party transaction as
defined under MI 61-101. Such transaction is exempt from the formal
valuation and minority shareholder approval requirements of MI
61-101 as neither the fair market value of the Warrants held by the
interested party, nor the consideration for the Warrants paid by
such interested party, exceed 25% of the Company's market
capitalization.
Pursuant to the policies of the TSXV, because Rembert de Villa and Holger Micheel-Sprenger beneficially own, in the
aggregate, more than 10% of the Warrants subject to the Warrant
Repricing, the aggregate number of their Warrants that can be
repriced will be limited to 10% of the total number of repriced
Warrants.
About CareSpan Health
CareSpan is a healthcare technology and services company that
has developed and deployed a unique, proprietary integrated digital
care platform, the CareSpan Clinic-in-the Cloud™, that creates easy
access to care for the underserved. With a patient-centric approach
focused on improving health outcomes, CareSpan uses sophisticated
digital tools and capabilities to improve patient outcomes in
primary care, chronic care, urgent care, and mental health. In
addition to the integrated digital care platform, CareSpan has
built and deployed a business support infrastructure for its
professional networks, American-Advanced Practice Network and
AmericanMedPsych Network. American-Advanced Practice Network
harnesses the clinical capabilities of Nurse Practitioners to
address the shortage in primary and chronic care in the country.
American-MedPsych brings together providers to tackle shortages
mainly in mental health.
Clinic-in-the-Cloud is a trademark of CareSpan USA Inc., a subsidiary of CareSpan Health,
Inc.
ON BEHALF OF THE BOARD OF DIRECTORS:
"Rembert de
Villa"
Rembert de
Villa
Chief Executive Officer
For more information, visit: www.carespanhealth.com
NOT FOR DISTRIBUTION TO UNITED
STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. THIS NEWS RELEASE DOES NOT
CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY
ANY OF THE SECURITIES IN THE UNITED
STATES. THE SECURITIES HAVE NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE "U.S.
SECURITIES ACT") OR ANY STATE SECURITIES LAWS AND MAY
NOT BE OFFERED OR SOLD WITHIN THE UNITED
STATES OR TO U.S. PERSONS UNLESS REGISTERED UNDER THE U.S.
SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION
FROM SUCH REGISTRATION IS AVAILABLE. THIS NEWS RELEASE DOES NOT
CONSTITUTE AN OFFER OR SALE OF SECURITIES IN THE UNITED STATES.
Forward-Looking Statements
Disclaimer
This press release contains forward-looking statements.
Forward-looking statements can be identified by the use of words
such as, "subject to", or variations of such words and phrases or
state that certain actions, events or results "may" or "will" be
taken, occur or be achieved. Forward-looking statements include
statements with respect to: receiving approval of the TSX Venture
Exchange with respect to Warrant Repricing, and amending the terms
of the Warrants. Forward-looking statements are based on
assumptions, but the actual results may be materially different
from any future expectations expressed or implied by the
forward-looking statements. The forward-looking statements can be
affected by known and unknown risks, uncertainties and other
factors, including, but not limited to, the equity markets
generally and a failure to obtain the necessary approvals from the
TSXV. Accordingly, readers should not place undue reliance on
forward-looking statements.
Except as required by law, CareSpan undertakes no obligation
to publicly update any forward-looking statements, whether as a
result of new information, future events or otherwise.
The TSX-V and its Regulation Services Provider have not
approved the contents of, nor taken responsibility for the adequacy
or accuracy of, this press release.
SOURCE CareSpan Health, Inc.