TORONTO, Dec. 19, 2013 (GLOBE NEWSWIRE) -- GreeneStone Healthcare Corporation (OTCBB:GRST) ("GreeneStone" "GRST" or the "Company"), a provider of healthcare services including Addiction and Mental Health has agreed to terms with several investors for a private placement of shares for Gross proceeds of $425,000.00. These are Accredited Investors, and did not require the assistance of a placement agent. "It is the best validation of the Company's efforts to secure direct fundamental investors infusing capital at a fair value without complex terms," commented Sunny J. Barkats, Esq., the corporate and securities counsel of GRST and founder of JSBarkats PLLC.
The Investors will be allowed to purchase a maximum of 5,000,000 Units, each Unit to cost $0.085 consisting of one share and one warrant to purchase one share at $0.15 per share for a period of three years from the date of the purchase of the Unit. The Investors have purchased $127,500 worth of Units as of today and have until January 16, 2014 to purchase additional tranches of 500,000 Units up to 5,000,000 Units in total.
"For the last six months the Company has focused on strategic financing, required to improve the Company balance sheet and working capital. Management had many discussions with accredited prospective investors that have been offering various forms of debentures. The Board of Directors has determined that it is in the best interest of the Company to avoid any type of debt, whenever possible. This financing is an example of what we have been striving for and I am happy to announce this stock purchase agreement. It is not by itself a large financing but it is strategic in the sense that it will pave the way for further strategic fundamental financings that will solidify the company balance sheet and improve our working capital position," said Shawn Leon, the Company Chief Executive Officer.
About GreeneStone Healthcare Corporation
GreeneStone Healthcare Corporation (OTCBB:GRST) operates medical and healthcare clinics in Ontario, Canada. GreeneStone's clinics serve to add overflow capacity to an increasingly stretched provincial healthcare system, and provide private alternatives to publicly available healthcare services. Its four medical clinics (three in Toronto, along with a facility in Muskoka, Ontario) offer various medical services, including addiction treatment, endoscopy, minor cosmetic procedures, and executive health care services. The Company currently has more than 60 employees and is based in North York, Ontario. For more information you can visit our website at www.greenestone.net.
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