Cloud DX Announces Proposed $2.8 Million Private Placement

KITCHENER, ON / ACCESSWIRE / April 8, 2024 / Cloud DX Inc. ("Cloud DX" or the "Company") (TSXV:CDX)(OTC:CDXFF) is pleased to announce a non-brokered private placement (the "Private Placement") for gross proceeds of up to $2,800,000 through the issuance of up to 23,333,334 units (each, a "Unit") of the Company at a price of $0.12 per Unit. The Company reserves the right to oversubscribe the Private Placement by up to $500,000, pursuant to which the Company may sell an additional 4,166,667 Units, should there be significant additional demand.

Each Unit shall consist of one common share (a "Common Share") in the capital of the Company and one transferable share purchase warrant (a "Warrant"), with each Warrant entitling the holder ‎thereof to acquire one additional Common Share at a price of $0.18 per share until 36 months following closing.

Finder's fees may be payable in accordance with the policies of the TSX Venture Exchange (the "Exchange"). The net proceeds of the Private Placement will be used by the Company for general working capital.

The Private Placement remains subject to approval of the Exchange. All securities issued in connection with the Private Placement will be subject to a statutory hold period expiring four months and one day from issuance in accordance with applicable securities legislation. Insiders may participate in the Private Placement. The extent of insider participation, if any, has not yet been determined.

On March 19, 2024 the Company announced that a group of investors had agreed to convert an aggregate principal amount of $3,187,000 CAD along with aggregate interest of $1,007,070 CAD, prior to the applicable maturity date, into common shares of the Company at an average price of $0.154 CAD per share. Investors then agreed to pool an aggregate of 26,411,896 Common Shares issued to them in connection with the conversion of the Convertible Debentures until the earlier of twenty-four (24) months and date on which the closing price is equal to or greater than $0.50 CAD/share for a period of 10 consecutive trading days.

About Cloud DX

Accelerating digital healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health remote patient monitoring platform is used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home. Our partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, winner of "2022 Top Innovator" from Canadian Business, a 2021 "Edison Award" winner, a Fast Company "World Changing Idea" finalist, and one of "Canada's Ten Most Prominent Telehealth Providers." Cloud DX is an exclusive partner to Medtronic Canada, Teladoc Health Canada and Sanrai International.