Non-brokered offer finances product and service commercialization
By Devika Patel
Knoxville, Tenn., May 10 - VentriPoint Diagnostics Ltd. said it raised C$1.55 million in the second and final tranche of a C$3 million non-brokered private placement of units. The deal priced for C$2 million on April 19 and was increased to C$3 million on May 1, when the company settled the first tranche for C$1.45 million.
The company sold a total of 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 and 9,682,250 units in the second closing.
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.
Proceeds will be used for product and service commercialization of the VentriPoint Medical System, expansion of VMS 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 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), May 10 (for C$1,549,160)
|
| Stock symbol: | TSX Venture: VPT
|
| Stock price: | C$0.16 at close April 18
|
| Market capitalization: | C$15.11 million
|
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