CloudMD Closes First Tranche Of Financing For $2.3 Million

CloudMD Software & Services (CSE: DOC) announced this morning that it will be closing the first tranche of its previously disclosed private placement this Friday for gross proceeds of $2.3 million. The company previously identified that the funds will be used for capital expenditures and general working capital purposes.

The first tranche for the private placement consists of $2.3 million out of the fully committed and subscribed $3.0 million offering. The company previously identified that the placement is currently subscribed for in excess of $3.0 million. While this remains true, the second and final tranche is expected to close shortly, having been impacted by administrative delays associated with the current COVID-19 pandemic.

The Company is thankful and appreciative for the support from the Canadian capital markets in this unprecedented time in wake of the COVID-19 pandemic and remains dedicated and forward-looking in its mission to digitize the delivery of healthcare.

The news of the first tranche of the ongoing brokered private placement closing follows that of CloudMD announcing its enhanced client efforts amid the current novel coronavirus outbreak. Earlier this week, the company announced that it has enabled free telehealth solutions to over 3,000 healthcare professionals across Canada and the US. Prior to this, the firm also increased doctor onboarding for its telehealth service to assist in reducing the spread of the virus while improving continuity of care for patients.

CloudMD Software & Services last traded at $0.48 on the CSE.

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