Deal has been lifted from C$2 million; proceeds fund commercialization
By Devika Patel
Knoxville, Tenn., May 1 - VentriPoint Diagnostics Ltd. said it raised C$1.45 million in the first tranche of a non-brokered private placement of units. The deal priced for C$2 million on April 19 and has now been increased to C$3 million.
The company is now selling 18.75 million units of one common share and a half-share warrant at C$0.16 per unit. It sold 9,067,750 units in the first tranche.
Each whole warrant is exercisable at C$0.25 for two years. The strike price reflects a 56.25% premium to the April 18 closing share price of C$0.16.
Investors included Danny Dalla-Longa and Blumont Capital Corp.
The second tranche is expected to settle in the next two weeks.
Proceeds will be used for product and service commercialization of the VentriPoint Medical System, expansion of system functionality and working capital.
Based in Seattle, 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: | 18.75 million
|
| Price: | C$0.16
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Investors: | Danny Dalla-Longa and Blumont Capital Corp.
|
| Pricing date: | April 19
|
| Upsized: | May 1
|
| Settlement date: | May 1 (for C$1,450,840)
|
| Stock symbol: | TSX Venture: VPT
|
| Stock price: | C$0.16 at close April 18
|
| Market capitalization: | C$15.65 million
|
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