New Issue: VisCorp completes C$10.23 million private placement of units, may raise C$5 million more

By Devika Patel

Knoxville, Tenn., Jan. 17 - VisCorp, Inc. said it completed a C$10.23 million private placement of units. The company also said it is in discussions with two additional investors, who may purchase between C$3 million and C$5 million of the units in a second closing on Jan. 31.

The company sold 102.25 units at C$100,000 per unit. Each unit consists of C$10,225,000 of 10% convertible exchangeable notes due on or before June 30, 2009, five-year class A warrants exercisable for 3,195,313 common shares at C$2.50 per share and seven-year class B warrants to purchase 3,195,313 common shares at C$3.00 per share.

Proceeds will be used to fund the expansion of Chengdu Tianyin Pharmaceutical Co., Ltd.'s manufacturing facility. Chengdu Tianyin is a subsidiary of Raygere Ltd., a corporation which VisCorp plans to acquire.

VisCorp is based in Canada.

Issuer:	VisCorp, Inc.
Issue:	Units of C$10,225,000 of 10% convertible exchangeable notes, warrants exercisable for 3,195,313 common shares and warrants to purchase 3,195,313 common shares
Amount:	C$10,225,000 (minimum), C$15,225,000 (maximum)
Units:	102.25 (minimum), 152.25 (maximum)
Price:	C$100,000
Warrants:	Class A warrants exercisable for 3,195,313 common shares and class B warrants to purchase 3,195,313 common shares in each unit
Warrant expiration:	Five years (class A), seven years (class B)
Warrant strike price:	C$2.50 (class A), C$3.00 (class B)
Settlement date:	Jan. 17 (for C$10,225,000)
Stock symbol:	OTCBB: VSCO
Stock price:	$0.45 at close Jan. 17

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