By Sheri Kasprzak
New York, March 30 - Medipattern Corp. said it has negotiated a C$2.5 million non-brokered private placement.
The deal includes 5 million shares with Sprott Asset Management subscribing for C$2 million and Sebago Partners Offshore Ltd. for C$500,000.
The placement is expected to close April 15.
Proceeds will be used for development of the company's B-CAD ultrasound software and for the development of the company's B-CAD MRI. The rest will be used for expanding into prostate screening and diagnosis.
Toronto-based Medipattern develops medical imaging software.
| Issuer: | Medipattern Corp.
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| Issue: | Stock
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| Amount: | C$2.5 million
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| Shares: | 5 million
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| Price: | C$0.50
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| Warrants: | No
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| Placement agents: | Non-brokered
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| Investors: | Sprott Asset Management and Sebago Partners Offshore Ltd.
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| Pricing date: | March 30
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| Settlement date: | April 15
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| Stock symbol: | TSX Venture: MKI
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| Stock price: | C$0.50 at close March 30
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