VentriPoint Diagnostics Ltd. (CVE:VPT) Reports Closing of Private Placement

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VentriPoint Diagnostics Ltd. (CVE:VPT) has completed its previously-announced the “Private Placement” of almost 10.496 units at $0.32 per unit in lieu for gross proceeds around of $3.359 million. Existing shareholders subscribed for $1.9 million while new shareholders opted for $1.4 million of the Private Placement.

Each Unit comprised of one share and one warrant, and each warrant allowing the holder thereof to buy one Common Share for $0.50 for 2 years after the warrant issuance. VentriPoint plans to use the Private placement proceeds for product development, general working capital, sales and marketing purposes.

The update

Dr. George Adams, the CEO of VentriPoint, reported that all of them at company appreciate the support of existing and new shareholders for offering the funding they needed to fully market the VMS-PLUS™ heart analysis device. With these resources, they can market the VMS-PLUS and start to enhance the examination of patients with known or suspected heart disease.

The firm paid cash finder’s fees of 5.6% of the Private Placement and issued 2.7% of the Private Placement and the “Finder’s Warrants” amounting 2.7% Private Placement to finders in pertaining to the Private Placement. Each of this warrants are exercisable into one share for $0.50 for two years from the release date.

Dr. Adams noted that they subscribed for 312,000 Units in the Private Placement. This subscription institutes a Related Party Transaction within the implication of “MI 61-101″ and the “TSXV”. The firm is relying on exemptions from the official valuation and minority shareholder nod requirements under MI 61-101.

A material change statement in detail of the Related Party Transaction will be submitted by the company but could not be submitted earlier than 21 days before its completion following the fact that the deal is still subject to authorization by the TSXV of the appropriateness of the buyer of the Insider Units.

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