By Devika Patel
Knoxville, Tenn., Jan. 28 - Neovasc Inc. announced it raised C$2 million in a non-brokered private placement of units. The deal priced for C$1 million with a C$1 million greenshoe on Jan. 7.
The company sold approximately 7.4 million units at C$0.27 per unit.
Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.40 for one year.
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$2 million (including C$1 million greenshoe)
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Units: | 7.4 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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Agent: | Non-brokered
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Pricing date: | Jan. 7
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Settlement date: | Jan. 28
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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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Market capitalization: | C$9.58
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