VitalHub Corp (TSXV: VHI) announced this morning that it will be conducting a financing via a syndicate of underwriters. Led by Cormark Securities, the syndicate intends to raise up to $12.0 million for the health tech provider on a bought deal basis.

The financing is being conducted at a price of $1.80 per unit, with each unit consisting of one common share. No warrant is included with the raise. The syndicate is looking to sell up to 6,700,000 units within the financing, for gross proceeds of $12.0 million. A 15% over-allotment option is also available for up to 30 days following the close of the transaction.

Vitalhub intends to use the proceeds of the financing for growth initiatives, working capital, and general corporate purposes. The financing is expected to close by March 12, 2020.

Vitalhub last traded at $1.98 on the TSX Venture.

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