Funds slated for Visualize: Vascular and MyTrak Mobile applications
By Toni Weeks
San Diego, July 9 - Medipattern Corp. said it raised C$1.79 million in the first tranche of a private placement of units. Industrial Alliance Securities Inc. is the lead agent.
The company sold 7.17 million units at a price of C$0.25 per unit. Each unit consists of one common share and one half-share warrant. Each five-year warrant is exercisable for one share at C$0.30 each. The strike price is a 22.45% premium to the closing share price of C$0.245 on July 9.
Medipattern paid C$71,700 in cash and issued 573,600 warrants to Industrial Alliance. These warrants are exercisable at C$0.25 for two years, a 2.04% premium to the July 9 closing share price.
Proceeds will be used for working capital for the company's current businesses, including the commercialization of Visualize: Vascular and expansion of MyTrak Mobile Health Solutions.
Toronto-based Medipattern develops imaging software solutions to help medical practitioners better understand lesions and critical anatomy.
| Issuer: | Medipattern Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1,792,500 (first tranche)
|
| Units: | 7.17 million units
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.30
|
| Agent: | Industrial Alliance Securities Inc. (lead)
|
| Settlement date: | July 9
|
| Stock symbol: | TSX Venture: MKI
|
| Stock price: | C$0.245 at close July 9
|
| Market capitalization: | C$14.06 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
