VSM MedTech plans C$20 million private placement of units, convertible credit line

By Sheri Kasprzak

New York, June 7 - VSM MedTech Ltd. intends to raise C$20 million from a private placement of units and a convertible line of credit.

The offering signed with Mass Financial Corp. includes C$5 million in units of one share and one warrant and a C$15 million line of credit.

The line of credit is convertible over 62 months into units of one share and one warrant.

The pricing terms of the units have not been set. The pricing is contingent upon shareholder approval.

The offering is scheduled to close by July 31.

VSM, based in Vancouver, B.C., develops medical devices used to diagnose and treat neurological and cardiovascular disorders.

The stock closed down a penny, or 4%, at C$0.24 (Toronto: VSM).

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