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HAMILTON, Ontario, Dec. 03, 2020 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT or OTCQB:RQHTF) (“Reliq” or the “Company”), a technology company focused on developing innovative mobile health (mHealth) and telemedicine solutions for Community-Based Healthcare, is pleased to announced that it has that it has closed on oversubscribed non-brokered private placement (the “Offering”) for gross proceeds of $3,035,999.70.

In the second, final tranche of the Offering, the Company issued 2,856,276 units (each a “Unit’) at a price of $0.225 per Unit for aggregate gross proceeds of $642,662.10. In total, the Company issued 13,493,332 Units at $0.225 for aggregate gross proceeds of $3,035,999.70

Each Unit will consist of one (1) common share and one-half (1/2) of a share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will be exercisable for an additional share at a price of $0.30 for a period of two (2) years from issuance. In the event that the common shares of the Company trade at a closing price of greater than $0.50 per Share for ten (10) consecutive trading days, the Company may accelerate the expiry date of the Warrants to expire on the 30th day after the date on which such notice is given to the warrantholders.

In connection with the closing on the second tranche, the Company paid cash finder’s fee of $17,187.37 and issued 29,000 broker warrants. The broker warrants are issued with the same terms as the Warrants described above.

The Company’s CEO participated in the first tranche of the Offering and acquired an aggregate of 444,500 Units. The participation by insiders in the Offering is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61- 101”).  The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities being issued nor the consideration being paid exceeds 25% of the Company’s market capitalization.

The Company intends to use the net proceeds to support onboarding of new clients. All securities issued pursuant to the offering will be subject to a statutory hold period of four months plus a day from issuance in accordance with applicable securities laws. Closing of the Offering is subject to receipt of all necessary regulatory approvals and final acceptance by the TSX Venture Exchange.

The Company would also like to announce a correction of its previous news release dated November 13, 2020. The news release indicated that finder’s fees of $44,431.88 cash and 188,775 broker warrants were paid with respect to the first tranche closing of the Offering, when in fact, $39,774.38 cash and 164,775 brokers warrants were issued.

About Reliq Health

Reliq Health Technologies is a healthcare technology company that specializes in developing innovative software solutions for the Community Care market. Reliq’s powerful iUGO Care platform supports care coordination and community-based healthcare. iUGO Care allows complex patients to receive high quality care at home, improving health outcomes, enhancing quality of life for patients and families and reducing the cost of care delivery. iUGO Care provides real-time access to remote patient monitoring data, allowing for timely interventions by the care team to prevent costly hospital readmissions and ER visits. Reliq Health Technologies trades on the TSX Venture under the symbol RHT and on the OTCQB as RQHTF.

ON BEHALF OF THE BOARD
“Dr. Lisa Crossley”
CEO and Director

For further information please contact:

Investor Relations at ir@reliqhealth.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements Regarding Forward Looking Information

Certain statements in this press release constitute forward-looking statements, within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are "forward-looking statements".

We caution you that such "forward-looking statements" involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements.

Forward-looking statements include, but are not limited to, statements with respect to commercial operations, including technology development, anticipated revenues, projected size of market, and other information that is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

Reliq Health Technologies Inc. (the "Company") does not intend and does not assume any obligation, to update these forward-looking statements except as required by law. These forward-looking statements involve risks and uncertainties relating to, among other things, technology development and marketing activities, the Company's historical experience with technology development, uninsured risks. Actual results may differ materially from those expressed or implied by such forward-looking statements.

SOURCE: Reliq Health Technologies Inc.