HOUSTON, TX -- (Marketwired) -- 08/15/14 -- Northstar Healthcare Inc. ("Northstar" or the "Company") (TSX: NHC) today announced that it has elected to accelerate the expiry date of the common share purchase warrants (the "Warrants") originally issued by Northstar as part of its unit private placement completed on December 16, 2013 (the "Private Placement"). Each Warrant entitles the holder thereof to purchase one additional common share of Northstar at a price of $1.10.
Pursuant to the terms of the Private Placement, the expiry of the Warrants may be accelerated at any time prior to the expiry of the Warrants if the volume weighted average trading price of Northstar's shares on the Toronto Stock Exchange is greater than $1.40 for 10 consecutive trading days, at which time the Company may give notice in writing (the "Early Expiry Notice") to the Warrant holders that the Warrants shall expire on the 30th day following the giving of such Early Expiry Notice.
Effective at the market close on August 11, 2014, Northstar's volume weighted average price for the past 10 consecutive trading days was $1.47. A Notice of Acceleration dated August 12, 2014 has been sent to the holders of the Warrants issued pursuant to the Private Placement to advise that the expiry date of the Warrants is being accelerated to 5:00 p.m. (Vancouver time) on September 11, 2014. Any Warrants remaining unexercised after September 11, 2014 will expiry without any further action being taken.
Should all of the Warrants outstanding be exercised, Northstar will receive total gross proceeds of $3,224,375.
About Northstar Healthcare Inc.
Northstar owns and manages seven healthcare facilities in Texas and Arizona; four ambulatory surgery centers, two MRI centers and an urgent care center. The four ambulatory surgery centers are located in Houston (two), Dallas and Scottsdale, Arizona.
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to business of Northstar Healthcare Inc. (the "Company") and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. These risks and uncertainties are discussed in the Company's regulatory filings available on the Company's web site at www.Northstar-Healthcare.com or at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances.