By Marisa Wong
Milwaukee, Jan. 7 - Neovasc Inc. announced that it intends to undertake a non-brokered private placement of units for gross proceeds of C$1 million.
Neovasc plans to sell approximately 3.7 million units at C$0.27 per unit.
Each unit consists of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.40 per share for one year after the closing date of the offering.
There will be a C$1 million over-allotment option, for total gross proceeds of C$2 million.
Proceeds of the offering will be used primarily to fund the company's Coronary Sinus for Treatment of Refractory Angina Trial.
Neovasc is a Richmond, B.C.-based medical device company.
| Issuer: | Neovasc Inc.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$1 million
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| Units: | 3.7 million (approximate)
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| Price: | C$0.27
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.40
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| Greenshoe: | C$1 million
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| Agent: | Non-brokered
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| Pricing date: | Jan. 7
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| Stock symbol: | TSX Ventures: NVC
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| Stock price: | C$0.36 at close Jan. 7
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