Proceeds will fund commercialization of VentriPoint Medical System
By Devika Patel
Knoxville, Tenn., Jan. 20 - VentriPoint Diagnostics Ltd. said it completed a private placement of units. The deal priced for C$3 million on Dec. 16 and raised C$1.48 million on Dec. 24 and C$333,200 in this final tranche for a total of C$1.81 million.
The company sold 8,680,385 units at C$0.17 apiece in the first tranche and 1.96 million units in the second. 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. was the agent for part of the deal, which had a non-brokered component.
Proceeds will be used for 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$1,808,866
|
| Units: | 10,640,385
|
| 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 dates: | Dec. 24 (for C$1,475,666), Jan. 20 (for C$333,200)
|
| Stock symbol: | TSX Venture: VPT
|
| Stock price: | C$0.20 at close Dec. 15
|
| Market capitalization: | C$8.88 million
|
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