Premier Diagnostic Health Services Inc.
CNSX : PDH

Premier Diagnostic Health Services Inc.

September 23, 2014 17:42 ET

Premier Diagnostic Health Services Inc. Second Tranche of Subsidiary Private Placement Closes

BURNABY, BRITISH COLUMBIA--(Marketwired - Sept. 23, 2014) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.

Premier Diagnostic Health Services Inc. ("Premier" or the "Company") (CSE:PDH) announces that the second tranche of a private placement offered by its subsidiary, Premier Diagnostic Center (Vancouver) Inc. (the "Subsidiary") closed on September 22, 2014. The second tranche was for a total of gross proceeds of $75,000, and the offering of $500,000 was fully subscribed.

The Subsidiary offered for sale, by way of private placement, up to 500,000 Class A Preferred Shares ("Subsidiary Shares") at $1.00 per share for aggregate gross proceeds of $500,000. Each of the Subsidiary Shares is convertible into twenty common shares of the Company ("Conversion Shares") for two years from the date of issuance. Declared and unpaid dividends on the Subsidiary Shares, payable by the Subsidiary, may also be converted into common shares of the Company at $0.05 per share.

Neither Premier nor the Subsidiary paid any finder's fees in connection with the issuance, and the Subsidiary Shares will be subject to a hold period. Two insiders of Premier subscribed for the entirety of the second tranche of the offering.

The Subsidiary intends to use proceeds of the financing to upgrade its medical diagnostic equipment and clinic facilities in Burnaby, B.C. and for general working capital.

About Premier Diagnostic Health Services Inc. ("PDHS")

PDHS is a British Columbia 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. For a more complete business and financial profile of the Company, management encourages interested parties to view the Company's documents posted on www.sedar.com.

On behalf of the Board of Directors

Sanjeev Parsad, President, CEO and Director

The Canadian Stock 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 www.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 the use of proceeds of the offering to upgrade the Company's medical diagnostic equipment and clinic facilities in Burnaby, B.C. and for general working capital. Factors that could cause actual results to be materially different include that we may not be able to use the funds as planned. Investors are cautioned against placing undue reliance on forward-looking statements. It is not our policy to update forward looking statements.

Contact Information