Centric Health extends second closing of public offering of units


TORONTO, Jan. 25, 2012 /CNW/ - Centric Health Corporation ("Centric Health" or "the Company") (TSX: CHH) announced today that it has extended the previously announced second closing of its public offering of Units (the "Offering") from January 26, 2012, to the earlier of February 22, 2012 or the Company raising $30 million in total under the Offering.  Centric Health raised aggregate proceeds of $10 million during the initial closing on December 22, 2011.

Centric Health has also removed the previously announced maximum subscription amount for each purchaser under the Offering.  The previous cap had been set at fifty Units ($500,000) per purchaser, subject to certain exceptions.

The pricing of the Common Shares, Notes and Warrants underlying each Unit remains unchanged and Units will be issued on the same terms as the initial closing that took place on December 22, 2011.  Any Units issued in the second and final closing will be issued at a price of $10,000 per Unit plus the accrued interest, with respect to the Notes, from the first closing date to the final closing date (any Notes issued in the final closing will bear interest from December 22, 2011).

Each Unit is comprised of three components:

  • $2,000 worth of Centric Health Common Shares equal to 1,283 Common Shares priced at $1.56 per share;
  • $8,000 principal amount of unsecured, subordinated, convertible Notes due December 22, 2016 which bear interest at an annual rate of 6% paid semi-annually; and
  • 1,283 Common Share purchase Warrants each of which entitles the holder thereof to purchase one Common Share at a price of $1.66 per share on December 22, 2016.

The base shelf prospectus and the prospectus supplement relating to the offering were filed on SEDAR and can be obtained from SEDAR at http://www.sedar.com.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ''U.S. Securities Act''), or any state securities laws, and may not be offered or sold in the United States unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Centric Health in any jurisdiction.

About Centric Health

Centric Health's vision is to be Canada's premier healthcare company, providing innovative solutions centered on patients and healthcare professionals. As a diversified healthcare company with investments in several niche service areas, Centric Health currently has operations in medical assessments, disability and rehabilitation management, physiotherapy and surgical centres, homecare, specialty pharmacy and wellness and prevention. With knowledge and experience of healthcare delivery in international markets and extensive and trusted relationships with payers, physicians, and government agencies, Centric Health is pursuing expansion opportunities into other healthcare sectors to create value for all stakeholders with an unwavering commitment to the highest quality of care.  Centric Health is listed on the TSX under the symbol CHH. For further information, please visit www.centrichealth.ca. Centric Health's strategic advisor is Global Healthcare Investments & Solutions, Inc. ("GHIS") (www.ghis.us).  GHIS and entities controlled by shareholders of GHIS are currently the largest shareholders of Centric Health.

This press release contains statements that may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, among others, statements regarding the Offering, Centric Health's business strategy, plans and other expectations, beliefs, goals, objectives, information and statements about possible future events. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks (including, without limitation, those described in the Prospectus) which could cause actual results to vary materially from those anticipated by Centric Health and described in the forward-looking information contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur or, if any of them do so, what benefits Centric Health will derive therefrom.

SOURCE Centric Health Corporation

For further information:

Peter Walkey
Chief Financial Officer
Centric Health
416-496-6166 ext 329
        Lawrence Chamberlain
Investor Relations
TMX Equicom
416-815-0700 ext 257



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