May 31st, 2007: Vancouver, B.C. ~ HealthPricer Interactive a leader in online comparison shopping for healthcare products, today announced that it has closed the non-brokered private placement that it previously announced on May 17th, 2007 for a gross proceeds of C$585,000.
The private placement included a convertible promissory note in the principal amount of $500,000, in addition to 425,000 units at C$0.20 per unit. The convertible promissory note automatically converts to 2,500,000 units at $0.20 per unit, upon the receipt of final regulatory approval to certain regulatory documents filed by the placee with the TSX Venture Exchange. If such approvals are not obtained on or before August 31, 2007, the principal amount of the convertible note will be repayable.
Each unit is comprised of one common share and one share purchase warrant. Each warrant is exercisable into an additional common share at any time up to the close of business on May 29th, 2009 at a price of $0.25 per share. The exercise period of the warrants can be reduced to 21 days in the event that the common shares are traded on the Exchange at a price of $0.60 or more for ten consecutive trading days.
The proceeds of the private placement will be used for working capital, marketing and business development purposes. Securities issued pursuant to the private placement are subject to a four month hold period expiring September 29th, 2007.
In addition, the company is extending the exercise period on the 1,250,000 warrants that were issued previously pursuant to a private placement which closed on July 12th, 2006. As approved by the TSX Venture Exchange these warrants which were to expire on July 10, 2007, will now expire on July 10, 2008.
“We are very pleased to see this continuing commitment from our core investors,” comments Michael I. Brown, President and CEO of HealthPricer Interactive. “This reinvestment confirms their support and belief in our overall vision to become the equivalent of an Expedia for Health.”
About HealthPricer Interactive
HealthPricer Interactive Limited is a leader in online comparison shopping for consumer healthcare products and changes the way business is done online in favour of the consumer. Led by a team of e-commerce professionals, the Company has applied its proprietary technologies to meet the needs of North American consumers looking for easy access to a choice of products and merchants online. Covering 225,000 products from 88 merchants, HealthPricer is the most convenient way for consumers to search for and perform side-by-side price comparison of healthcare products based on price, brand and other health related attributes.