Syncordia Technologies and Healthcare Solutions, Inc.

Syncordia Technologies and Healthcare Solutions, Inc.

June 23, 2015 15:47 ET

Syncordia Technologies and Healthcare Solutions, Inc. Announces Closing of CAD $10.0 Million Bought Deal Private Placement of Subscription Receipts Including the Underwriters' Option

TORONTO, ONTARIO--(Marketwired - June 23, 2015) - Syncordia Technologies and Healthcare Solutions, Inc. ("Syncordia" or the "Company") announced today that it has completed its previously announced offering of Subscription Receipts (the "Subscription Receipts") at a price of CAD $3.00 per Subscription Receipt (the "Offering"). The Offering was undertaken on a bought deal basis by National Bank Financial Inc. and Mackie Research Capital Corporation as joint-bookrunners and co-lead underwriters (collectively, the "Underwriters"). On closing, Syncordia issued 3,334,000 Subscription Receipts, inclusive of 667,000 Subscription Receipts issued pursuant to the exercise in full of the underwriters' option, resulting in aggregate gross proceeds of CAD $10,002,000.

Upon satisfaction of the Release Conditions (as defined below), each Subscription Receipt shall automatically convert into one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant") of the Company. The net proceeds of the Offering will be used for general corporate purposes and / or potential future acquisitions.

At the effective time of the completion of the acquisition of the Company by LL Capital Corp. ("LL Capital") through a proposed "three-cornered" amalgamation (the "Acquisition"), each (a) common share of the Company acquired upon conversion of the Subscription Receipts will be exchanged for a common share of the Resulting Issuer (as defined below), (b) each Warrant of the Company acquired upon conversion of the Subscription Receipts will be exchanged for a warrant to purchase one (subject to customary adjustments) common share of the Resulting Issuer on equivalent terms, which in each case will be without payment of any additional consideration or any further action on the part of the holder thereof.

The gross proceeds from the Offering, less 50% of the Underwriters' commission and any expenses of the Offering (the "Escrowed Proceeds"), will be deposited and held in escrow. The Escrowed Proceeds will be released from escrow upon satisfaction of the following release conditions (the "Release Conditions"):

(a) all conditions precedent to the closing of the Acquisition have been met; and
(b) conditional approval by the TSX Venture Exchange of the Acquisition and for the listing of the common shares (including those issuable upon exercise of the warrants and broker warrants) of the Resulting Issuer issuable in connection with the Acquisition shall have been obtained.

"Resulting Issuer" means LL Capital Corp. (proposed to be renamed "Syncordia Technologies and Healthcare Solutions, Corp.") following completion of the Acquisition, whose shares will be listed for trading on the TSX Venture Exchange.

About Syncordia

Syncordia has operations in North America and Europe, and is focused on investing in, partnering with and growing RCM companies where proprietary technology can be used as an accelerator. Syncordia addresses a great void in niche healthcare sectors, such as EMS and behavioral health, where the necessary workflow/production/analytic components are largely absent or inadequate for a RCM company to maintain quality with scale. Syncordia is actively acquiring medical billing companies and is building a proprietary suite of RCM software solutions called the Syncordia Cloud, which includes patient scheduling, electronic health records, claims management, analytics and more. Syncordia's ability to not only offer but control the entire product offering of both software and solutions uniquely positions the company to be able to deliver a refreshingly simple and powerful product offering that's largely absent in healthcare today. Led by a team of executives with extensive experience in RCM and technology, acquisition opportunities are carefully selected to become part of the Syncordia family and enable Syncordia's vision of becoming a world class technology enhanced RCM Company with best in class solutions.

Contact Information