CloudMD Closes $13 Million Financing, Announces Up-Listing

CloudMD Software & Services (CSE: DOC) this morning announced that it has closed its previously announced financing, raising gross proceeds of $14.95 million. Further, the company has received approval to list its common shares on the TSX Venture, effective June 4, 2020.

A total of 21,357,800 units of the company were sold in the bought deal, with units priced at $0.70 each. Each unit consists of one common share and one half warrant, exercisable for a period of 2 years at a price of $1.00 per share. Gross proceeds from the financing are to be used for strategic M&A activities and general corporate purposes.

Additionally, the company announced that it has formally received approval to list its securities on the TSX Venture. Common shares are to be begin trading on June 4, 2020, and will remain under the symbol “DOC”. Naturally, the company will be delisted from the CSE as a result.

Closing this financing is a very important inflection point for the Company and we thank our syndicate for their diligent efforts and welcome our new shareholders. We are excited to further execute on our growth strategy and this injection of capital will accelerate our M&A efforts.

Essam Hamza, CEO of CloudMD

CloudMD Software & Services last traded at $0.76 on the CSE.

FULL DISCLOSURE: CloudMD Software & Services is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover CloudMD Software & Services on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

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