08:43 AM EST, 01/03/2025 (MT Newswires) -- Carebook Technologies (CBRK.V) on Friday signed a definitive agreement with its majority shareholder UIL offering to buy all of the common shares for $0.10 apiece in cash.

The company expects the deal to close in the first quarter, subject to the satisfaction of customary closing conditions. The price is a premium of about 122%, to the closing price of $0.045 on the TSX Venture Exchange (TSXV) on Jan. 2, the last trading day prior to the announcement of the deal, the company said in a statement.

"This transaction, with its significant cash premium, represents a positive outcome for Carebook and delivers immediate liquidity for our shareholders" said Carebook Chief Executive Michael Peters. "As a private company, Carebook will have the flexibility and resources to continue to implement its strategic vision without the added financial and administrative burden of remaining a reporting issuer in what remains a challenging capital markets environment."

The company also added that its second largest shareholder, MedTech Investment, entered into an irrevocable voting and support agreement related to the deal with UIL.

Shares of the company closed up $0.005 or 12%, to $0.045 on Thursday on the TSXV.