VPTDF - Ventripoint Diagnostics Ltd. Announces $5 Million Bought Deal Offering of Units
(TheNewswire)
Toronto, Canada - TheNewswire – September 27 , 2021 – VentripointDiagnostics Ltd. (“ Ventripoint ” or the “ Company ”)(TSXV:VPT ) ( OTC:VPTDF), is pleased to announce that is has entered intoan agreement with Leede Jones Gable Inc. and Stifel GMP as the underwriters andco-bookrunners (the “ Underwriters ”), pursuant to which theUnderwriters have agreed to purchase, on a bought-deal basis,9,620,000 units (the “ Units ”) for gross proceeds to the Company of$ 5,002,400 (the“ Offering ”) at a price of $0.52 per Unit.
Each Unit will consistof one common share of theCompany (a “ CommonShare ”) and one Common Share purchase warrant (each whole purchasewarrant, a “ Warrant ”). Each Warrant will entitle theholder thereof to purchase one Common Share at an exercise price of$ 0.70 (the “ Exercise Price ”) atany time up to 60 m onths following Closing (as defined below). Inthe event that the volume weighted average trading price of the CommonShares for ten (10) consecutive trading days exceeds $1.00, theCompany may, within 10 business days of the occurrence of such event,deliver a notice (including a press release) to the holders ofWarrants accelerating the expiry date of the Warrants to the date thatis 30 days following the date of such notice.
The Company has granted the Underwriters an option (the“ Over-AllotmentOption ”), exercisable in part or in whole atthe Underwriters’ sole discretion, at any time beginning on theclosing of the Offering until 30 days following the closing of theOffering, to purchase up to that number of additional Units, CommonShares or Warrants, or any combination thereof, as is equal to 15% ofthe aggregate number of Units sold in the Offering to coverover-allotments, if any.
The Units will beoffered by way of a short form prospectus to be filed in thoseprovinces of Canada other than Quebec as the Underwriter may designatepursuant to National Instrument 44-101 – Short Form ProspectusDistributions.
Company will useproceeds of the offering for product design and development,commercialization, production, sales and marketing, distribution,customer support, and general working capital.
The closing of theOffering is expected to occur on or about the week of October 19, 2021(the “ Closing ”) and is subject to the Company receiving all necessaryregulatory approvals, including the approval of the Exchange.
The securities referredto in this news release have not been, nor will they be, registeredunder the United States Securities Act of 1933, as amended, and maynot be offered or sold within the United States or to, or for theaccount or benefit of, U.S. persons absent U.S. registration or anapplicable exemption from the U.S. registration requirements. Thispress release does not constitute an offer for sale of securities, nora solicitation for offers to buy any securities in the United States,nor in any other jurisdiction in which such offer, solicitation orsale would be unlawful. Any public offering of securities in theUnited States must be made by means of a prospectus containingdetailed information about the company and management, as well asfinancial statements.
ABOUTVENTRIPOINT DIAGNOSTICS LTD.
Ventripoint has becomean industry leader in the application of AI (Artificial Intelligence)to echocardiography. Ventripoint’s VMS products are powered by itsproprietary KBR technology, which is the result of a decade ofdevelopment and provides accurate volumetric cardiac measurementsequivalent to MRI. This affordable, gold-standard alternative allowscardiologists greater confidence in the management of their patients.Providing better care to patients serves as a springboard and basicstandard for all of Ventripoint’s products that guide our futuredevelopments. In addition, VMS+ is versatile and can be used with allultrasound systems from any vendor supported by regulatory marketapprovals in the U.S., Europe and Canada. For more information,please visit www.ventripoint.com
FOR FURTHER INFORMATIONCONTACT
This news releasecontains forward-looking statements and forward-looking informationwithin the meaning of applicable securities laws. The use of any ofthe words “expect”, “anticipate”, “continue”,“estimate”, “objective”, “ongoing”, “may”, “will”,“project”, “should”, “believe”, “plans”, “intends”and similar expressions are intended to identify forward-lookinginformation or statements. The forward-looking statements andinformation are based on certain key expectations and assumptions madeby the Company. Although the Company believes that the expectationsand assumptions on which such forward-looking statements andinformation are based are reasonable, undue reliance should not beplaced on the forward-looking statements and information because theCompany can give no assurance that they will prove to be correct.Since forward-looking statements and information address future eventsand conditions, by their very nature they involve inherent risks anduncertainties. Actual results could differ materially from thosecurrently anticipated due to a number of factors and risks. Factorswhich could materially affect such forward-looking information aredescribed in the risk factors in the Company’s most recent annualmanagement’s discussion and analysis that is available on theCompany’s profile on SEDAR at www.sedar.com .
Readers are cautionedthat the foregoing list of factors is not exhaustive. Theforward-looking statements included in this news release are expresslyqualified by this cautionary statement. The forward-looking statementsand information contained in this news release are made as of the datehereof and the Company undertakes no obligation to update publicly orrevise any forward-looking statements or information, whether as aresult of new information, future events or otherwise, unless sorequired by applicable securities laws.
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