For the Stonepeak Financing, Stonepeak Magnet Holdings LP (“Stonepeak Magnet”) purchased on September 1, 2021 US$340,000,000 (CAD$428,978,000) principal amount of unsecured notes of Akumin Corp. (the “Financing Notes”), together with warrants to purchase 17,114,093 common shares of Akumin (the “Financing Warrants”) and 3,500,000 common shares of Akumin (the “Financing Shares”). For a three-year period following the closing, provided certain conditions are met, Akumin Corp. will be permitted to draw up to an additional US$349,570,000 from Stonepeak. The Financing Notes, Financing Warrants, Financing Shares, and additional draws were made available on the terms described in Akumin’s press release dated June 25, 2021.

Stonepeak Magnet purchased the Financing Shares at a price of US$2.98 per share (CAD$3.76 per share), for total consideration ofUS$10,430,000 (CAD$13,159,531). No consideration was paid for the Financing Warrants. The 17,114,093 common shares of Akumin which may be acquired upon the exercise of the Financing Warrants have a purchase price of US$2.98 per share (or CAD$3.76 per share), for a total purchase price of US$50,999,997.10 (or CAD$64,346,696.34).


In addition, upon closing of the Acquisition, the US$375,000,000 of proceeds raised from Akumin’s private offering of 7.500% senior secured notes due 2028 (the “Senior Notes”) that closed on August 9, 2021 (the “Private Offering”) were released to Akumin given the satisfaction of the applicable escrow release conditions, and the obligations of Akumin Escrow Inc. under the Senior Notes were assumed by Akumin upon liquidation of Akumin Escrow Corp. into Akumin. All proceeds raised from the Private Offering were used to pay a portion of the cash closing price for the Acquisition.

Upon closing of the Acquisition, Akumin has 89,026,997 common shares issued and outstanding, including the Financing Shares issued to Stonepeak at a price of US$2.98 per share (CAD$3.76 per share) and the issuance of 14,223,570 common shares issued to the seller at a price of US$2.98 per share (CAD$3.76 per share) for aggregate consideration of US$42,416,038.60 (CAD$53,518,223.20).

All CAD$ have been calculated based on an exchange rate of 1.2617, being the Bank of Canada daily average exchange rate on August 31, 2021.

Management Composition Post-Closing of Acquisition
As previously announced, upon closing, Riadh Zine, Akumin’s former President and Chief Executive Officer, was named Chairman and Co-Chief Executive Officer of Akumin. Rhonda Longmore-Grund, Alliance’s former President and Chief Executive Officer, was named President and Co-Chief Executive Officer of Akumin. Mr. Zine and Ms. Longmore-Grund will remain actively involved in Akumin’s strategy and business operations in these new roles. Stan Dunford, former chairman of Akumin’s board of directors, has been named chairman emeritus and will continue as a member of Akumin’s board of directors as Riadh Zine assumes the role of chairman.

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