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Streamline Health to raise $9.7M via private placement

Streamline Health Solutions Inc. plans to raise about $9.7 million in gross proceeds via a private placement of its common shares to redeem its preferred stock.

The Atlanta-based health information technology company plans to sell 9,473,691 common shares at $1.02 apiece to certain investors, including certain directors and executive officers of the company. The offering is expected to close on or about Oct. 15.

About $5.8 million from the total funds raised will be used to redeem the company's outstanding convertible preferred stock with a book value of $8.7 million, representing a substantial discount.

The remaining proceeds will be used for the development and sales of the company's eValuator cloud-based, automated pre-bill coding analysis technology as well as for working capital.

Craig-Hallum Capital Group is the exclusive placement agent for the offering.