Proceeds to fund mitral valve heart disease, refractory angina projects
By Melissa Kory
Cleveland, July 21 - Neovasc Inc. announced that it intends to complete a non-brokered private placement with accredited investors of up to C$4 million, or 4 million equity units.
The units will be sold at C$1.00 per unit, the closing share price on July 21.
Each unit consists of one common share of Neovasc stock and one-half of a common share purchase warrant.
Each whole warrant will entitle holders to purchase one common share of Neovasc stock for two years at C$1.25 per share, a 25% premium to the July 21 closing share price.
Proceeds of the offering will be used to fund Neovasc's Tiara project, which is developing a novel transcatheter medical device to treat mitral valve heart disease, and to complete the Cosira trial, which is a multicenter clinical trial intended to demonstrate the safety and efficacy of the Neovasc ReducerT, an innovative implantable product for treating refractory angina.
Neovasc is a Richmond, B.C.-based medical device company.
| Issuer: | Neovasc Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | Up to C$4 million
|
| Units: | Up to 4 million
|
| Price: | C$1.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.25
|
| Agent: | Non-brokered
|
| Pricing date: | July 21
|
| Stock symbol: | TSX Ventures: NVC
|
| Stock price: | C$1.00 at close July 21
|
| Market capitalization: | C$ 40,967,099
|
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