Dear shareholders and prospective shareholders,
On March 25, we announced the closing of our bought deal equity offering of 7,000,000 common shares of the Company at a price of C$3.40 per common share.
The Underwriters (Clarus Securities, and including Bloom Burton & Co., Acumen Capital and Beacon Securities) were granted an over-allotment option to purchase an additional 1,050,000 common shares at the offering price, which was exercised in full, for aggregate gross proceeds to CRH of C$27,370,000 before deducting commissions and expenses.
We intend to use the proceeds from the transaction to reduce corporate indebtedness, fund future acquisitions, as well as for working capital and general corporate purposes.
Two Additional Anesthesia Transactions
On March 2, 2015, we announced two additional anesthesia trasactions.
These businesses provide anesthesia services to four ambulatory surgery centers in Florida and North Carolina representing approximately 9,000 patient procedures per year.
The first transaction, representing the acquisition of an anesthesia provider servicing three ambulatory surgery centers and approximately 5,000 annual procedures, was effective March 1, 2015.
The second transaction represents a new anesthesia services customer and will be effective in May 2015.
Educating GIs about the O’Regan System
Early in March, we attended a regional American College of Gastroenterology Postgraduate Course in New Orleans. The meeting provided a good opportunity to meet one-on-one with a number of physicians interested in introducing hemorrhoid treatment to their practices.
We were in Park City, Utah the following weekend attending the Therapeutic Endoscopy Course put on by the University of Utah School of Medicine. This was our first year attending this American Society for Gastrointestinal Endoscopy endorsed meeting where we offered a hands-on training session to demonstrate the use of the CRH O’Regan System. We also had a booth at the event. We generated a solid number of new leads and we were able to continue to build upon existing relationships with those who currently use our technology.
Lastly, towards the end of the month, we attended the GI Roundtable meeting in Boston. In addition to being an exhibitor, we also had the opportunity to give a presentation about our company, the O’Regan System and CRH Anesthesia to those GIs in attendance.
We look forward to sharing the April edition of the CRH Investor Bulletin with you, and as always, we appreciate your interest and support.
Media and Investor Relations
416.815.0700 x 225