10:53 AM EST - CloudMD Software & Services Inc. : Announced that is has entered into a Share Purchase Agreement to acquire a majority interest West Mississauga Medical Ltd., a comprehensive family medicine and specialist medical clinic with 8 family doctors and 4 specialists serving over 100,000 patients. As previously announced, on June 16, 2020, the Company entered into a binding term sheet with West Mississauga Medical to acquire 51% of the business, assets and operations. In consideration for the purchase of 51% of the outstanding securities of West Mississauga Medical, CloudMD has agreed to pay Shareholders aggregate consideration of C$200,000 payable as up to C$140,000 in cash and C$60,000 in shares of the Company. All shares issued pursuant to the acquisition are issued at a deemed price of $0.81 per share and are priced by calculating the ten-day volume weighted trading price of the Company shares for the 10 trading days prior to the execution of the definitive agreement. CloudMD Software & Services Inc.
shares V.DOC are trading up 3 cents at $0.83.
