VANCOUVER, July 9 /CNW/ – HealthPricer.com, a leader in online comparison shopping for healthcare products, today announced that it has increased and subsequently closed the non-brokered private placement that it previously announced on June 22nd, 2007. HealthPricer has sold 7,500,000 Units (the Units) at C$0.20 per Unit for gross proceeds of C$1,500,000, increased from the original offering of 5,000,000 Units at C$0.20 per Unit for C$1,000,000.
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 July 6th, 2009 at a price of $0.25 per share. The exercise period of the warrants can be reduced to 30 calendar 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 November 7th, 2007.
“We had overwhelming interest in this Private Placement and decided that it would be prudent to increase the size of the offering,” comments Michael I. Brown, President and CEO of HealthPricer Interactive. “We are clearly now becoming a leading “Comparison Shopping Engine 2.0″ company and need to continue to lead the way with healthcare products. This financing will help us take the next step in expanding our business with a broader range of products and delivering more consumers to our merchants through extended traffic sources, thereby continuing to increase revenue.”
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 more than 85 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. www.healthpricer.com.