Nova Leap Health Corp. Closes Qualifying Transaction
Trading Symbol: TSX-V: NLH.P
HALIFAX, NOVA SCOTIA — (CNW – October 27, 2016) – NOVA LEAP HEALTH CORP. (“Nova Leap” or the “Company”), a capital pool company, is pleased to announce that it has closed its Qualifying Transaction and issued convertible debentures, by way of a private placement, in the amount of $250,000.
The TSX Venture Exchange (the “Exchange”) has accepted Nova Leap’s Filing Statement for this Qualifying Transaction for filing on SEDAR. Trading of the common shares of Nova Leap was halted at Nova Leap’s request when it announced its proposed Qualifying Transaction on June 3, 2016 and will remain halted pending the Exchange’s receipt of any required documentation. Nova Leap issued a comprehensive press release on this Qualifying Transaction on August 31, 2016.
Nova Leap’s U.S. subsidiary, Nova Leap Health NH, LLC has acquired the assets of Northern Family Home Care Inc. for a total purchase price of US$240,000. The acquired assets are Nova Leap’s Significant Assets as such term is defined under Exchange Policy 2.4. The acquisition does not constitute a Non-Arm’s Length Qualifying Transaction. The Resulting Issuer will operate in the Industrial Sector.
Nova Leap has completed a non-brokered private placement by the issuance of convertible debentures for the amount of $250,000. The debentures will mature in 24 months, bear interest at the rate of 7.5% per annum and contain a conversion price of $0.20 per common share of the Company. The convertible debentures were all issued to officers, directors and insiders of the Company pursuant to exemption under NI 61-101. Any common shares of the Company issued upon conversion of the convertible debentures will be subject to Exchange Tier 2 escrow.
Board of Directors
The Board of Directors will continue to be Christopher Dobbin, Dana Hatfield and Michael O’Keefe. Christopher Dobbin will continue to act as President and CEO and Glenn Jessome will continue to act as Corporate Secretary. Megan Spidle was appointed CFO of Nova Leap at the closing of the Qualifying Transaction.
Nova Leap’s Filing Statement for this Qualifying Transaction is filed on SEDAR at www.sedar.com.
Resumption of Trading
Subject to filing any required documentation with the TSX Venture Exchange, Nova Leap will resume trading on Tier 2 of the Exchange on a date to be determined by the Exchange under the trading symbol NLH.
For further information: Christopher Dobbin, Director, President, CEO & CFO Nova Leap Health Corp., T: 902 401-9480 F: 902 482-5177.
Completion of the Transaction is subject to a number of conditions including, but not limited to, Exchange acceptance, and, if applicable pursuant to Exchange requirements, shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.
(Not for distribution to US wire services or for dissemination in the United States of America)