VPTDF - Ventripoint Diagnostics Ltd. Announces Closing of Upsized Bought Deal Offering of Units
(TheNewswire)
Toronto, Canada – TheNewswire - October 20,2021 – Ventripoint Diagnostics Ltd. (“ Ventripoint ” or the“ Company ”) (TSXV:VPT ) , ( OTC:VPTDF), is pleased toannounce that has closed its previously announced upsized bought-dealpublic offering (the “ Offering ”) including full exercise of theover-allotment option.
The co-lead bookrunnersand underwriters of the Offering, Leede Jones Gable Inc. and StifelGMP (the “ Underwriters ”), have purchased the fullOffering for a total of 15,490,500 (“ Units ”), at a priceof $0.52 per Unit for aggregate gross proceeds of $ 8,055,060.
Each Unit consists of 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 paid theUnderwriters a cash commission of $535,774 and has issued 1,030,335compensation options (the “ Compensation Options ”). Each CompensationOption is exercisable for one Unit at $0.52 per Unit for a period of60 months following the closing of the Offering.
Company will useproceeds of the Offering for product design and development,commercialization, production, sales and marketing, distribution,customer support, and general working capital.
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.
About Ventripoint DiagnosticsLtd.
Ventripoint has become anindustry leader in the application of AI (Artificial Intelligence) toechocardiography. 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 further information, pleasecontact:
Dr. George Adams
519-803-6937
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this news release.
Forward Looking Statements
This news release contains forward-looking statementsand forward-looking information within the meaning of applicablesecurities laws. The use of any of the words "expect","anticipate", "continue", "estimate","objective", "ongoing", "may","will", "project", "should","believe", "plans", "intends'' and similarexpressions are intended to identify forward-looking information orstatements. The forward-looking statements and information are basedon certain key expectations and assumptions made by the Company.Although the Company believes that the expectations and assumptions onwhich such forward-looking statements and information are based arereasonable, undue reliance should not be placed on the forward-lookingstatements and information because the Company can give no assurancethat they will prove to be correct.
Since forward-looking statements and informationaddress future events and conditions, by their very nature theyinvolve inherent risks and uncertainties. Actual results could differmaterially from those currently anticipated due to a number of factorsand risks. Factors which could materially affect such forward-lookinginformation are described in the risk factors in the Company's mostrecent annual management's discussion and analysis that is availableon the Company's profile on SEDAR at www.sedar.com. Readers arecautioned that 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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