Leveljump Healthcare Corp (TSXV: JUMP) has completed its previously announced combination with that of Canadian Teleradiology Services. As a result, the company is anticipated to commence trading under the new symbol “JUMP” as of Monday, December 14, 2020.
The transaction effectively see that of Canadian Teleradiology Services complete its go-public transaction through a reverse takeover, with the resulting public vehicle being renamed to that of Leveljump Healthcare Corp. As its prior name suggests, the company is in the business of providing telehealth services, wherein it provides teleradiology services to Canadian hospitals.
While the company offers several services to its clients across the country, the firm is primarily focused on reading medical imaging procedures. Such services enable smaller, regional hospitals to offer radiology services to patients, with Leveljump then providing a service wherein radiologists are effectively “on-call” to provide readings on these services remotely, such as for CT Scans, MRI’s, ultrasounds and X-rays. Such offerings effectively enable rural or remote hospitals to provide a level of care to patients that is in-line with large urban hospitals.
The qualifying transaction for the takeover saw the issuer raise approximately $3.9 million in gross proceeds via a brokered private placement, which saw the issuance of a total of 10.1 million subscription receipts. Each receipt was subsequently exchanged for one unit of the company, which contained one common share and one common share purchase warrant. Each warrant issued under the financing contains an exercise price of $0.50 per common share, and is valid for a period of 36 months from the date of issuance.
Proceeds from the financing are to be used for a royalty buyout from Flow Capital Corp and Flow Capital US Corp. Remaining proceeds will then be used for strategic acquisitions as well as general working capital purposes.
Following the close of the transaction, Mitch Geisler, Robert Landau, Sandra J Hall, Jeffery Stevens and G Michael Newman were appointed as directors of the form, with Geisler serving as Chairman. Geisler will also serve as Chief Executive Officer of the firm, while Landau has been named as the Chief Financial Officer and Corporate Secretary of the company. As a whole, the new management of the company effectively owns 59.77% of the company, while Flow Capital Corp will own 10.9% of the company.
Leveljump Healthcare is anticipated to commence trading December 14, 2020.
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