The Board of Directors of Certive Solutions Inc. (“Certive” or the “Company”) is pleased to announce that effective February 14, 2014, the Company has successfully closed its previously announced C$2,100,000 unit private placement and C$400,000 convertible debenture private placement.
The Company has sold 21,000,000 units in a non-brokered private placement, each unit consisting of one common share and one-half of one common share purchase warrant. One whole warrant entitles the holder to purchase one additional common share at $0.15 per share for a period of two years commencing February 14, 2014. The Company has raised a total of C$2,100,000 from the unit private placement which has and will be utilized to expand its claims denial management business within the U.S. hospital market.
In addition, the Company is pleased to announce that it has closed the previously announced C$400,000 non-brokered private placement of convertible debentures. Each debenture is convertible into common shares of the Company at a price of C$0.15 per share for a term of five years, resulting in the issuance of a further 2,666,667 common shares when fully converted. The debenture will bear simple interest calculated at the rate of 5% per annum and may be paid in shares at the Company’s option. It is an unsecured debenture and conversion is at the option of the holder.
With the closure of the Unit and Debenture financings the Company is now positioned to become a recognizable force in providing technology enabled revenue management solutions to U.S. hospitals. Certive’s business provides revenue recovery solutions to hospitals in the collection of claims that have been denied by insurance providers.
Certive’s cloud-based solutions utilize workflow technologies, on-site supervisory assistance, and clinical support from our strategic partners that increase both the speed and amount of revenue recovery for hospitals. Integrating patient clinical data and patient accounting records through our technologies is a key differentiator to successful recovery.
Van Potter, CEO of the Company, stated “Certive’s strategic growth will be achieved by remaining focussed on specific revenue cycle management opportunities such as denied claims and by leveraging our technology, solutions, and association with strategic partners that provide credentialed access to decision makers within U.S. hospitals.”
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