BURNABY, BRITISH COLUMBIA--(Marketwired - Aug. 6, 2014) - Premier Diagnostic Health Services Inc. ("Premier" or the "Company") (CSE:PDH) announces that the first tranche of a private placement offered by its subsidiary, Premier Diagnostic Center (Vancouver) Inc. (the "Subsidiary"), has closed today. The first tranche was for a total of $425,000.
The Subsidiary is offering for sale, by way of private placement, up to 500,000 Class A Preferred Shares ("Subsidiary Shares") at $1.00 per share for aggregate gross proceeds of $500,000. Each of the Subsidiary Shares is convertible into twenty common shares of the Company ("Conversion Shares") for two years from the date of issuance. Declared and unpaid dividends on the Subsidiary Shares, payable by the Subsidiary, may also be converted into common shares of the Company at $0.05 per share.
Neither Premier nor the Subsidiary paid any finder's fees in connection with the issuance, and the Subsidiary Shares will be subject to a hold period. Three insiders of Premier subscribed for the entirety of the first tranche of the offering. Of that portion, 25,000 Subsidiary Shares were issued in settlement of debt owed to an insider of Premier.
The Subsidiary intends to use proceeds of the financing to repay a promissory note owed to the Company, and to upgrade its medical diagnostic equipment and clinic facilities in Burnaby, B.C. and for general working capital.
About Premier Diagnostic Health Services Inc. ("PDHS")
PDHS is a British Columbia company that provides, through its subsidiaries, advanced medical diagnostic tools using PET/CT technology and/or MRI technology and related diagnostic skills in Canada and in the People's Republic of China, in partnership with local medical professionals, public and private investors, hospitals and clinics. For a more complete business and financial profile of the Company, management encourages interested parties to view the Company's documents posted on www.sedar.com.
On behalf of the Board of Directors
Denis Tusar, President and CEO
The Canadian Stock Exchange (CSE) has not reviewed the adequacy or the accuracy of the contents of this document. Company information can be viewed here: www.cnsx.ca. Further information regarding the Company can be found on SEDAR at ww.sedar.com. Not for dissemination in the United States of America.
FOR FURTHER INFORMATION PLEASE CONTACT:
Premier Diagnostic Health Services Inc.
President and CEO
(604) 678.9115 ext. 225
(604) 678.9279 (FAX)
Source: Premier Diagnostic Health Services Inc.