Proceeds will fund commercialization of VentriPoint Medical System
By Devika Patel
Knoxville, Tenn., July 19 - VentriPoint Diagnostics Ltd. said it settled the second and final tranche of a C$3.5 million non-brokered private placement of units. The deal priced for C$3 million on May 11 and the company raised C$1.13 million on June 10; it raised C$2.37 million in this tranche.
The company sold 20,588,235 units of one common share and a half-share warrant at C$0.17 apiece. It sold 6,655,947 units on May 11 and 13,932,288 units in this tranche.
Each whole warrant is exercisable at C$0.25 for three years. The strike price reflects a 47.06% premium to the May 10 closing share price of C$0.17.
Proceeds will be used for product and service commercialization of the VentriPoint Medical System, expansion of VentriPoint Medical System functionality 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$3.5 million
|
| Units: | 20,588,235
|
| Price: | C$0.17
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Pricing date: | May 11
|
| Upsized: | July 19
|
| Settlement date: | June 10 (for C$1,131,511), July 19 (for C$2,368,490)
|
| Stock symbol: | TSX Venture: VPT
|
| Stock price: | C$0.17 at close May 10
|
| Market capitalization: | C$19.23 million
|
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