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WELL Health raises C$15M to fund future deals, growth investments

WELL Health Technologies Corp. has closed its upsized bought-deal private placement of special warrants with gross proceeds of about C$15 million.

The Vancouver, British Columbia-based healthcare services firm sold 10,350,000 special warrants, including an additional 1,350,000 special warrants that underwriters bought under an overallotment option at C$1.45 each.

Each special warrant can be exchanged with one common share of the company without any additional fee.

Net proceeds from the placement will be used for future acquisitions, organic growth investments, working capital and general corporate purposes.

GMP Securities LP acted as lead underwriter of the placement.

The placement included participation from Chinese investor Li Ka-shing and WELL Health's management, including its CEO, CFO and senior vice president of strategic partnerships and marketing, for a combined total of 581,900 special warrants.

Li Ka-shing, who is ranked among the richest people in the world, already owns 10.46% of WELL Health's outstanding common shares as of May 21, according to S&P Global Market Intelligence data.