09:58 AM EST - CloudMD Software & Services Inc. : Announced that it has closed the previously announced acquisition of Snapclarity Inc. Snapclarity is a pioneer, on-demand, digital platform that provides an assessment for mental health disorders which includes a personalized care plan, access to online resources, a clinical health care team and the ability to match to the right therapists. CloudMD has acquired 100% of Snapclarity by way of a three-cornered amalgamation pursuant to the provisions of the Canada Business Corporations Act . Total consideration payable by the Company in connection with the acquisition is $3.35M, subject to certain holdbacks, payable as up to C$975,000 in cash and up to C$2,375,000 in shares of the Company, to be issued at a deemed price of $0.70 per share. All shares issued pursuant to the acquisition are subject to a two (2) year release. Additionally, subject to future TSX-V approval and the achievement of certain performance conditions in 2021 and 2022, Snapclarity may earn up to an additional $3.65M in equity-based consideration. CloudMD Software & Services Inc.
shares V.DOC are trading down 4 cents at $2.43.
