Vigil Health Solutions Inc.
TSX VENTURE : VGL

Vigil Health Solutions Inc.

May 31, 2011 17:39 ET

Vigil Health Solutions Announces Closing of Private Placement

VICTORIA, BRITISH COLUMBIA--(Marketwire - May 31, 2011) - Vigil Health Solutions Inc. (TSX VENTURE:VGL) ("Vigil") announced today the closing of a non-brokered private placement of 8,000,000 units of Vigil at a price of $0.065 per unit, for aggregate gross proceeds of $520,000. Each unit consists of one common share and a half warrant. Each whole warrant entitles the holder to purchase an additional common share at a price of $0.10 per share for a period of two years from closing of the private placement.

British Columbia Discovery Fund (VCC) Inc. purchased 2,307,692 of the units, GrowthPoint Ventures (VCC) Corp. purchased 2,930,000 units, and directors and officers of Vigil purchased 1,447,074 of the units issued pursuant to the private placement.

The net proceeds of the private placement are planned to be used to fund further development of Vigil's products, for working capital and for general corporate practices.

Vigil will file a material change report as soon as practicable after issuing this press release. The material change report will be filed less than 21 days prior to the closing of the private placement. The time of the material change report is, in Vigil's view, both necessary and reasonable because the terms of the private placement were settled and approved by Vigil's board of directors and previously announced on May 3, 2011.

About Vigil Health Solutions Inc.

Vigil offers a proprietary technology platform combining software and hardware to provide comprehensive solutions to the expanding seniors' housing market. Vigil has established a growing presence in North America and an international reputation for being on the leading edge of systems design and integration. The Vigil Integrated Care Management System™ (Vigil® System) includes the award-winning Vigil Dementia System, a nurse call system, bed monitoring, resident check in, and the latest development the Vigil Wireless call system. The first to supply dementia specific care technology, Vigil facilitates the highest standard of care for cognitive residents while helping dementia residents enjoy a higher quality of life and greater dignity.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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