By Devika Patel
Knoxville, Tenn., March 18 - CRH Medical Corp. announced that it plans a C$2 million private placement of units with Canaccord Capital Corp.
The company will sell 2,564,103 units at C$0.78 apiece. The units consist of one common share and one warrant, with each three-year warrant exercisable at C$1.00.
The warrants may expire sooner if the daily volume-weighted average trading price of the company's common shares exceeds C$2.50 over 20 consecutive trading days. In that case, the warrants will expire on the 20th day after the company notifies holders.
Cannacord has a greenshoe of C$300,000, or 384,616 units.
Proceeds will be used to train United States physicians to use the company's proprietary CRH O'Regan Hemorrhoid Banding Technology and for other corporate purposes.
CRH, based in North Vancouver, B.C., is a medical device technology company that has developed and patented single-use, disposable hemorrhoid banding system.
| Issuer: | CRH Medical Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2 million
|
| Greenshoe: | C$300,000, or 384,616 units
|
| Units: | 2,564,103
|
| Price: | C$0.78
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$1.00
|
| Agent: | Canaccord Capital Corp.
|
| Pricing date: | March 17
|
| Stock symbol: | TSX Venture: CRM
|
| Stock price: | C$0.77 at close March 17
|
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