Non-brokered, oversubscribed offering will finance the Tiara project
By Devika Patel
Knoxville, Tenn., Aug. 17 - Neovasc Inc. said it raised C$4.72 million in a non-brokered private placement of units. The oversubscribed deal priced for C$4 million on July 21 and the company said it increased the size, due to "strong demand."
The company sold 4,720,500 units of one common share and one half-share warrant at C$1.00 per unit.
Each whole warrant will be exercisable at C$1.25 for two years; the strike price is a 25% premium to the July 20 closing share price of C$1.00.
Investors included OPKO Health Inc., which invested C$2 million, and Gagnon Securities LLC, which invested C$1.42 million. Insiders purchased 95,000 of the units.
Proceeds 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: | C$4,720,500
|
| Units: | 4,720,500
|
| Price: | C$1.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.25
|
| Agent: | Non-brokered
|
| Investors: | OPKO Health Inc. (for C$2 million) and Gagnon Securities LLC (for C$1.42 million)
|
| Pricing date: | July 21
|
| Settlement date: | Aug. 17
|
| Stock symbol: | TSX Ventures: NVC
|
| Stock price: | C$1.00 at close July 21
|
| Market capitalization: | C$40.77 million
|
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