Toronto-based AI-powered healthcare company HEALWELL AI has announced a bought-deal private placement to raise USD 8 million consisting of ~13.3 million Class A subordinate voting shares at a price of USD 0.60 per share. The offering is expected to close by October 13, 2023, subject to regulatory approvals.

The company has entered into an agreement with Eight Capital, which represents a syndicate of underwriters. As per the deal terms, the offering consists of two types of shares: 1) LIFE shares (~up to 8.3 million) will be offered under a specific exemption and can be freely traded, and 2) hold shares (~up to 5.0 million) will have a mandatory holding period of four months and one day before they can be sold. 

The company intends to use the net proceeds from the offering for general corporate and working capital purposes.

HEALWELL AI was formerly known as MCI Onehealth Technologies and debuted as a healthcare technology and data science company focused on preventative care when it completed a strategic transaction with WELL Health Technologies earlier this month. The transaction included a private placement offering that raised USD 10 million, the sale of the company's clinical assets in Ontario to WELL, and the repayment of outstanding secured debt held by the company and some of its subsidiaries. The company aims at providing AI-enabled decision support systems for healthcare providers.