Aug 7 2010
Northstar Healthcare Inc. today announced that it received an advance in the amount of Cdn.$1,016,150 (the "Advance") from Canada Healthcare Acquisition Inc. ("CHA"), a corporation indirectly controlled by Dr. Donald L. Kramer, M.D., a former CEO and former director of Northstar.
The Advance is in connection with the agreement announced on July 30, 2010, under which CHA will subscribe for Cdn.$5 million in Northstar common shares through a non-brokered private placement (the "Private Placement"). The Advance will be a part of the Cdn.$5 million consideration under the Private Placement.
Closing of the Private Placement, which is subject to certain conditions, is expected to occur on September 7, 2010 or as soon as practicable thereafter. The Advance will be used for current working capital needs. The balance of the proceeds of the Private Placement will be used for future working capital and general corporate purposes.
Source:
NORTHSTAR HEALTHCARE INC.
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