Premier Diagnostic Health Services Inc.
CNSX : PDH

Premier Diagnostic Health Services Inc.

October 02, 2014 18:40 ET

Premier Diagnostic Health Services Inc. Closes $6M First Tranche of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 2, 2014) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.

Premier Diagnostic Health Services Inc. ("Premier" or the "Company") (CSE:PDH) is pleased to announce that it has closed the first tranche of its non-brokered private placement offering (the "Offering") of common shares of the Company ("Shares") of up to 40,000,000 Shares at $0.18 per Share for aggregate gross proceeds of up to $7,200,000. The first tranche consisted of 34,108,028 Shares for aggregate gross proceeds of $6,139,445.04, including 415,000 Shares issued in settlement of debt. The Shares will be subject to a hold period expiring on February 3, 2015. No finder's fees or commissions were paid in connection with the Offering.

The net proceeds of the Offering will be used to fund expansion of the Company's premier diagnostic medical clinics in China and Canada, as well as for general working capital and investment purposes. The Company anticipates that the resulting capitalization combined with new strategies to deliver earnings will be adequate to support growth. The Company anticipates the second tranche of the Offering will close on or about October 15, 2014.

On September 23, 2014 the Company announced the closing of the second tranche of a private placement of convertible preferred shares of its subsidiary company, Premier Diagnostic Center (Vancouver) Inc. The Company wishes to highlight that the private placement of the subsidiary company was originally announced on July 31, 2014 and the conversion price of the subsidiary's preferred shares was based on the market price of the Company's common shares at that time.

The 415,000 Common shares issued as debt settlement were issued at a deemed issue price of $0.18 in settlement of debt totalling $74,700. The creditor is an insider of the Company.

About Premier Diagnostic Health Services Inc.

Premier is a Canadian company that provides, through its subsidiaries, advanced medical diagnostic tools using PET/CT technology and/or MRI technology and related diagnostic skills in Canada and in the People's Republic of China, in partnership with local medical professionals, public and private investors, hospitals and clinics. The Company's mission is to provide physicians and other health care professionals with exceptional diagnostic information that will assist them in making medical decisions that lead to better outcomes for their patients. The Company's approach involves building long-term relationships regarding management, quality, and financial services that are necessary to build, operate and grow the diagnostic capacity and capability of hospitals and clinics worldwide.

On behalf of the Board of Directors

Sanjeev Parsad, President, CEO and Director

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.cnsx.ca. Further information regarding the Company can be found on SEDAR at ww.sedar.com.

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 fund expansion of the Company's premier diagnostic medical clinics in China and Canada, for general working capital and investment purposes, that the resulting capitalization combined with new strategies to deliver earnings will be adequate to support growth, and that the Company will close a second tranche of the Offering on or around October 15, 2014. Factors that could cause actual results to be materially different include but are not limited to the following: that we may not be able to raise sufficient capital to accomplish our intentions and that even if we do close an additional tranche of the private placement, capital alone may not be sufficient for us to grow our business. Growth depends on several factors including patient support and winning new patients, as well as market conditions. Investors are cautioned against placing undue reliance on forward-looking statements. It is not our policy to update forward looking statements.

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