Proceeds slated for sales and marketing, general working capital
By Toni Weeks
San Luis Obispo, Calif., June 23 – VentriPoint Diagnostics Ltd. said it raised C$2 million in the first tranche of a private placement of units. The deal has a non-brokered portion as well as a brokered portion with a 15% greenshoe via agent D&D Securities Inc. The brokered deal was announced on May 22.
The company sold 24,951,426 units of one common share and a half-share warrant at C$0.08 per unit.
Each whole warrant is exercisable at C$0.12 for two years. The strike price reflects an 84.62% premium to the May 21 closing share price of C$0.065.
Proceeds will be used for sales and marketing and general working capital purposes.
The company also announced that three of the subscribers in the placement accepted units as payment in full of outstanding secured debentures previously issued by the corporation. As a result of the shares-for-debt transaction, VentriPoint’s net debt has been reduced by C$773,626.
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$1,996,114
|
| Greenshoe: | 15%
|
| Units: | 24,951,426
|
| Price: | C$0.08
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | June 20, 2016
|
| Warrant strike price: | C$0.12
|
| Agent: | D&D Securities Inc. (for 67% of first tranche); non-brokered (for 33%)
|
| Pricing date: | May 22
|
| Settlement date: | June 23 (for C$1,996,114)
|
| Stock symbol: | TSX Venture: VPT
|
| Stock price: | C$0.065 at close May 21
|
| Market capitalization: | C$10.8 million
|
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