January 15th, 2021
EGF Theramed Health Corp. (CSE:TMED)(OTCQB:EVAHF) is pleased to announce that it has completed the first tranche of its previously announced (December 10, 2020) offering (the “Offering“), issuing 2,937,516 units (each a “Unit“) by way of non-brokered private placement at a price of $0.12 per Unit for gross proceeds of $352,502. Each Unit consists of one common share of the Company and one half of one common share purchase warrant (each, a “Warrant“) exercisable to acquire an additional common share of the Company at a price of $0.20 for a period of twelve (12) months from the date of issue.
The Company is also pleased to announce that it expects to close a second tranche of the Offering on January 18, 2021 for an additional 1,466,667 Units at a price of $0.12 per Unit for gross proceeds of $176,000. Upon the completion of the second tranche, the combined total proceeds of the Offering is expected to be $528,502 from the sale of 4,404,183 Units.
The Company anticipates utilizing the net proceeds from the Offering for working capital and acquisitions.
In connection with the first tranche of the Offering, the Company has paid cash finders’ fee of $10,002 and issued 83,350 finders’ warrants, with each finders’ warrant exercisable to acquire an additional common share of the Company at a price of $0.20 for a period of twelve (12) months from the date of issue.
The Company also announces that it will settle outstanding indebtedness of $7,500, owing to an arms-length creditor, in consideration for services previously provided to the Company (the “Debt Settlement“). Under the terms of the Debt Settlement, the Company has issued 50,000 common shares at a deemed price of $0.15 per common share, in settlement of the indebtedness.
All securities issued in connection with the Offering and the Debt Settlement are subject to a four-month-and-one-day statutory hold period in accordance with applicable securities law.
About EGF Theramed Health Corp.
EGF Theramed is a consumer technology company engaged in the provision of biomedical online services for monitoring and treating common health problems. The Company, through its subsidiaries, has assets and technologies used in the extraction and purification of botanical extracts and the creation of extract formulations, as well as medical monitoring device technology. The Company is working to collaborate with other companies for medical technology, equipment protocols and laboratory standard operating procedures. Through the Company’s recent joint venture acquisitions, it has begun to research psilocybin and psychedelic extraction and processing for commercialization.
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