Proceeds will fund commercialization of VentriPoint Medical System
By Devika Patel
Knoxville, Tenn., Dec. 16 - VentriPoint Diagnostics Ltd. said it plans a private placement of units. The deal will raise C$3 million.
The company will sell 17,647,059 units at C$0.17 apiece on a best-efforts basis. Each unit consists of one common share and a half-share warrant. Each whole warrant is exercisable at C$0.25 for three years. The strike price reflects a 25% premium to the Dec. 15 closing share price of C$0.20.
Bloom Burton & Co. Inc. is the agent for part of the deal, which has a non-brokered component.
Settlement is expected Dec. 22.
Proceeds will be used for expenditures with respect to product and service commercialization of the VentriPoint Medical System, expansion of VMS functionality, including applications for additional diagnoses and heart diseases, and working capital.
Based in Calgary, Alta., VentriPoint is a clinical diagnostic company.
| Issuer: | VentriPoint Diagnostics Ltd.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$3 million
|
| Units: | 17,647,059
|
| Price: | C$0.17
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.25
|
| Agent: | Bloom Burton & Co. Inc., non-brokered
|
| Pricing date: | Dec. 16
|
| Settlement date: | Dec. 22
|
| Stock symbol: | TSX Venture: VPT
|
| Stock price: | C$0.20 at close Dec. 15
|
| Market capitalization: | C$10.45 million
|
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