EMPOWER CLINICS INC. (CSE:CBDT)(Frankfurt:8EC)(OTCQB:EPWCF) (“Empower” or the “Company“), a life sciences company, is pleased to announce the closing of its non-brokered private placement of an aggregate of 14,417,334 units of the Company (each, a “Unit“) at a price of $0.05 per Unit for gross proceeds of $720,866.00 (the “Offering“).
The proceeds of the Offering are expected to be used by the Company for general working capital and corporate purposes and to support the launch if it’s previously announced psychedelics division Dosed Wellness Ltd. www.dosedwellness.com
The Company also continues to see strong demand for COVID-19 testing supported by an expansion to five-day per week testing schedule in Phoenix, AZ clinics. In addition, Sun Valley Health has added ten (10) new hires and (4) internal management promotions in the past 30 days to manage the increased volumes of patients, that are anticipated to reach record levels in July 2020.
“Our clinic team continue to provide exemplary support and care for patients, in a safe and compassionate manner,” said Steven McAuley, Chairman & CEO. “Successfully accessing the capital markets to support growth allows the Company to advance its ongoing plan of providing diversified health & wellness services and positioning us to become a long-term market leader.”
Each Unit is comprised of one Share and one Warrant, with each Warrant exercisable into one Warrant Share at an exercise price of $0.12 per Warrant Share for a period of two years following the Closing.
The Units, and the underlying Shares, Warrants and Warrant Shares (collectively, the “Securities“), are subject to restrictions on resale under applicable Canadian securities laws for a period of four months and one day from the closing of the Offerings. None of the Securities have been or will be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities, in any jurisdiction in which such offer, solicitation or sale would require registration or otherwise be unlawful.
Empower is a vertically integrated health & wellness company with a network of corporate and franchised health & wellness clinics in the U.S. The Company is focused on helping patients improve and protect their health, through innovative physician recommended treatment options. The Company has launched Dosed Wellness Ltd. to connect its significant data, to the potential of the efficacy of alternative treatment options related to hemp-derived cannabidiol (CBD) therapies, psilocybin and other psychedelic plant-based treatment options.