VANCOUVER, British Columbia, Aug. 25, 2017 (GLOBE NEWSWIRE) — Premier Diversified Holdings Inc. (“Premier” or the “Company“) (CSE:PDH) is pleased to announce the closing of its non-brokered private placement offering (the “Offering“) of common shares of the Company (“Shares“) of 4,736,842 Shares at $0.095 per Share for aggregate gross proceeds of $450,000. The Shares will be subject to a hold period expiring on December 26, 2017. No finder’s fees or commissions were paid in connection with the Offering.
Premier intends to use the net proceeds of the Offering to fund the acquisition of an interest in Sequant Reinsurance Holdings Ltd. (a Bermuda-based reinsurance company) (“SRHL“) and in MyCare MedTech Inc. (an Alberta tele-medicine company) (“MMI“) and for general working capital.
Sequant Reinsurance Holdings Ltd.
Premier intends to acquire common shares of SRHL, the parent company of a reinsurance company registered in Bermuda, Sequant Reinsurance Company Limited. The acquisition will be made through Premier’s wholly-owned Bermuda subsidiary, Premier Diversified Holdings (Bermuda) Ltd (“Premier Bermuda“). The purchase price of the common shares is USD$0.50 per common share. Premier Bermuda intends to acquire up to USD$200,000 worth of shares. The purchase price will be paid in cash, via a loan from Premier to Premier Bermuda. Premier currently holds approximately 46.60% (undiluted) of the issued and outstanding common shares of SRHL. Sanjeev Parsad, Premier President and CEO, Alnesh Mohan, Premier’s CFO, and G. Andrew Cooke, a director of Premier, are all directors of SRHL. Mr. Cooke also acts as Chairman of the Audit and Financial Committee of SRHL and oversees the financial management of SRHL.
The reinsurance company underwrites various reinsurance transactions and collateralizes its obligations through the issuance of insurance-linked securities (“ILSs“). The ILSs are offered to third party investors, and the capital from the sale of the ILSs is used to fund the reinsurance business.
MyCare MedTech Inc.
Premier intends to acquire units (“Units“) of MMI, which uses communication technology to deliver virtual medical consultations with licensed healthcare providers for non-emergency conditions through its app GOeVisit. The purchase price of the Units is $0.35 per Unit. Premier intends to acquire up to $200,000 worth of Units. The purchase price will be paid in cash.
Each Unit is comprised of one Class A Common share (“MMI Share“) and one half of a share purchase warrant (“MMI Warrant“) of MMI. Each whole MMI Warrant will be exercisable to purchase an additional MMI Share at $0.50 until December 31, 2018. After acquiring the Units, Premier will hold 4,571,428 MMI Shares. Sanjeev Parsad, Premier President and CEO, is a director of MMI.
MMI is a private company incorporated under the laws of Alberta and is a Canadian telemedicine company which provides virtual medical consultations with licensed healthcare providers through computers, tablets and mobile devices. The GOeVisit medical team can provide diagnosis, alternate remedies and/or prescriptions for over 30 non-emergency conditions and uncomplicated medical concerns such as a sore throat, stomach virus, upper respiratory infection (e.g. bronchitis), strain or sprain, sinus infection, urinary tract infection, rash, allergy, headache, pink eye, burn or laceration. GOeVisit is available 24/7 and its certified healthcare professionals include licensed nurse practitioners and doctors.
About Premier Diversified Holdings Inc.
Premier Diversified Holdings Inc. participates in diversified industries through its acquisitions of securities and/or assets of public and private entities which it believes have potential for significant returns. It may act as a holding company (either directly or through a subsidiary) and may participate in management of subsidiary entities to varying degrees. Its current holdings include interests in a B.C. medical diagnostic clinic, in a reinsurance business located in Bermuda, in several Vancouver-based real estate development projects and in an online medical consulting company.
On behalf of the Board of Directors
“Sanjeev Parsad”
Sanjeev Parsad
President, CEO and Director
For further information, contact:
Sanjeev Parsad, President and CEO
Phone: (604) 678.9115
Cell: (604) 612.3965
Fax: (604) 678.9279
E-mail: sparsad@pdh-inc.com
Web: www.pdh-inc.com
The Canadian Securities Exchange (CSE) has not reviewed the adequacy or the accuracy of the contents of this document. Company information can be viewed here: www.thecse.com. Further information regarding the Company can be found on SEDAR at www.sedar.com.
Not for dissemination in the United States of America.
Legal Notice Regarding Forward Looking Statements: This news release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are indicated expectations or intentions. Forward-looking statements in this news release include that the net proceeds of the Offering will be used to acquire certain interests in Sequant Reinsurance Holdings Ltd. and in MyCare MedTech Inc. at certain prices, that Premier will pay the purchase prices in a certain way, that MMI and SRHL will operate their respective businesses as described and will generate income. Factors that could cause actual results to be materially different include but are not limited to the following: that the funds may be reallocated by Premier for sound business reasons, that the number or price of securities acquired by Premier may change, that the method of payment may change, that Premier decides not to proceed with one or both acquisitions, that the nature of Premier’s acquisitions will change, that the reason for the purchase may change or that either or both of SHRL and MMI will operate their respective business differently than described. Investors are cautioned against placing undue reliance on forward-looking statements. It is not our policy to update forward looking statements.
