Empower Clinics Inc. (CSE:EPW, OTCQB:EPWCF) told investors that it completed a non-brokered private placement of units at $0.05 each on December 13, raising aggregate gross proceeds of $842,500.
In connection with the financing, the company said it issued 16,850,000 units. These included 14,850,000 units issued as settlement of $742,500 in outstanding debt and 2 million units issued for cash proceeds of $100,000.
Each unit consists of one common share and one share purchase warrant, exercisable into an additional share at $0.075 per share until two years from closing. The units are subject to a four-month and one-day hold period under applicable securities laws.
The proceeds of the financing are expected to be used for working capital and general administrative expenses, Empower Clinics added.
READ: Empower Clinics sees Q3 revenue nearly triple thanks to COVID-19 testing, higher MediSure sales
The company also announced that effective December 13, MNP LLP has resigned as its auditor and a replacement auditor will be named shortly.
In addition, it said it will soon name an interim leader as well as the recruitment process for a permanent president for MediSure Canada Inc after Mario Curtis resigned as president of its wholly-owned subsidiary.
Empower Clinics is an integrated healthcare company that provides body and mind wellness for patients through its clinics, with digital and telemedicine care, and world-class medical diagnostics laboratories.
Supported by an experienced leadership team, Empower is aggressively growing its clinical and digital presence across North America. The company's Health and Wellness and Diagnostics and Technology business units are positioned to positively impact the integrated health of its patients, while simultaneously providing long-term value for shareholders.
Contact the author at stephen.gunnion@proactiveinvestors.com