Empower Clinics Inc. (CSE:EPW, OTCQB:EPWCF) has announced an offering of a minimum of 66,666,666 and a maximum of 166,666,667 units of the company at a price of 3 cents each for aggregate gross proceeds of between $2 million and $5 million.
Each unit will comprise one common share of the company and one common share purchase warrant. Each warrant will be exercisable to acquire an additional share at an exercise price of 7.5 cents per share for a period of 24 months from the date of issue. The last closing price of Empower shares on the Canadian Securities Exchange on January 23, 2023, was 2 cents.
The offering is expected to close in one or more tranches with the first tranche on or about February 3, 2023, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals.
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Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106, Prospectus Exemptions, the units will be offered for sale to purchasers resident in Canada (except Quebec) and/or other qualifying jurisdictions under the listed issuer financing exemption under Part 5A of NI 45-106.
Because the offering is being completed under the listed issuer financing exemption, the securities issued in the offering will not be subject to a hold period under applicable Canadian securities laws.
Empower is an integrated healthcare company with multidisciplinary clinics, an at-home medical testing device company and state-of-the-art medical diagnostics laboratories. With a growing presence in the United States and Canada. Empower is a leader in integrated health care and diagnostics solutions and is reshaping the model for patient-first wellness.
Contact the author at jon.hopkins@proactiveinvestors.com