Published on 2/19/2010 in the Prospect News PIPE Daily.
New Issue: Neovasc raises C$1.54 million via private placement of equity units
By Devika Patel
Knoxville, Tenn., Feb. 19 - Neovasc Inc. announced it raised about C$1.54 million in a non-brokered private placement of units. The company raised C$1.33 million on Jan. 28 and C$208,000 in the latest tranche.
The company sold a total of approximately 5,692,000 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.
Investors included Gagnon Securities, Frost Group LLC, Peregrine Ventures and members of management, among others.
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$1,537,000 (approximate)
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Units: | 5,692,000 (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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Investors: | Gagnon Securities, Frost Group LLC, Peregrine Ventures, among others
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Pricing date: | Jan. 7
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Settlement date: | Jan. 28 (for C$1,329,000), Feb. 19 (for C$208,000)
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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$9.72 million
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