CloudMD Closes Financing, Raising $3.02 Million In Aggregate

CloudMD Software & Services (CSE: DOC) this morning has closed the second and final tranche of its previously announced private placement lead by Gravitas Securities. The tranche consisted of a total $683,199.68 in funds for the telemedicine focused firm.

In total, the financing conducted resulted in the sale of 6,298,615 units at a price per unit of $0.48. Each unit consists of one common share and one half of one common share purchase warrant with an exercise price of $0.70 for a period of two years. Collectively, the financing resulted in gross proceeds of $3.02 million for CloudMD despite it occurring during the global economic downturn brought on by the coronavirus pandemic.

103,714 compensation warrants were issued in connection with the second tranche of the financing. 79,020 of those warrants contain an exercise price of $0.48, while remainder have an exercise price of $0.70, both of which are for a period of two years.

Funds raised in connection with the financing are to be used for capital expenditures and general corporate purposes.

CloudMD Software & Services last traded at $0.49 on the CSE.

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