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Protech Home Medical to raise $2M in bought-deal offering

Protech Home Medical Corp. is looking to raise $2 million in gross proceeds through a bought-deal offering of 16.7 million common shares priced at 12 cents apiece.

The company granted the underwriter an option to buy up to an additional 2,505,000 common shares in the offering. If the option is fully exercised, the company expects to raise additional proceeds of $300,600.

Closing of the transaction is expected to occur Oct. 31, subject to the completion of formal documentation and approvals of applicable regulatory authorities, including the TSX Venture Exchange.

Protech Home will use the net proceeds for working capital and general corporate purposes.

Beacon Securities Ltd. is acting as the underwriter for the offering.

Wilder, Ky.-based Protech Home Medical provides in-home monitoring and disease management services.