Skylight Health announces strategic investment from U.S. healthcare firm
Oct. 21, 2022 7:39 AM ETSkylight Health Group Inc. (SLHGF), SLHG:CA, SLHPFBy: Meghavi Singh, SA News Editor1 Comment
- Skylight Health (OTCQX:SLHGF) announced a strategic commitment of $5M in the form of a convertible debenture from a multi-billion dollar growth-oriented healthcare institutional investment firm in the United States.
- The investment is set to close in two tranches.
- The first tranche of $3.37M has been completed as of the date of this release and the second tranche for the remaining $1.63M is expected to close within 30 days.
- The investment is structured in the form of a 0% interest, asset-backed convertible debenture.
- Each debenture shall be in the principal amount of C$1,000.
- Each debenture shall be convertible into 1,111 common shares of the company at C$0.90.
- The funds will be used to support Skylight on its pathway to profitability.
- The company has made several announcements where it has both expanded and added new Medicare Advantage Plans which will lead to new membership expected for 2023.
- The convertible debenture and warrants are subject to final approval from the TSX Venture Exchange and all securities are subject to a standard four month plus one day hold period.