VPTDF - Ventripoint Diagnostics Ltd. Announces Upsize to Previously Announced Bought Deal Offering of Units to $7 Millon
(TheNewswire)
Toronto, Canada – TheNewswire - September 28 , 2021 – VentripointDiagnostics Ltd. (“ Ventripoint ” or the “ Company ”)(TSXV:VPT ) , ( OTC:VPTDF), is pleased to announce ithas upsized its public offering (the “ Offering ”) of units(the “ Units ”) to $7 million from $5 million at a price of $0.52 perEquity Unit. If the Agent’s Option (as defined below) is exercisedin full, the aggregate gross proceeds of the Offering will beapproximately $8,055,060.
Each Unit will consist of one common share of theCompany (a “ CommonShare ”) and one Common Share purchasewarrant (each whole purchase warrant, a “ Warrant ”). EachWarrant will entitle the holder thereof to purchase one Common Shareat an exercise price of $0.70 (the “ Exercise Price ”) atany time up to 60 months 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 be offered by way of a short formprospectus to be filed in those provinces of Canada other than Quebecas the Underwriter may designate pursuant to National Instrument44-101 – Short Form Prospectus Distributions.
Company will use proceeds of the offering for productdesign and development, commercialization, production, sales andmarketing, distribution, customer support, and general workingcapital.
The closing of the Offering is expected to occur on orabout the week of October 19, 2021 (the “ Closing ”) and issubject to the Company receiving all necessary regulatory approvals,including the approval of the Exchange.
The securities referred to in this news release havenot been, nor will they be, registered under the United StatesSecurities Act of 1933, as amended, and may not be offered or soldwithin the United States or to, or for the account or benefit of, U.S.persons absent U.S. registration or an applicable exemption from theU.S. registration requirements. This press release does not constitutean offer for sale of securities, nor a solicitation for offers to buyany securities in the United States, nor in any other jurisdiction inwhich such offer, solicitation or sale would be unlawful. Any publicoffering of securities in the United States must be made by means of aprospectus containing detailed information about the company andmanagement, as well as financial statements.
ABOUT VENTRIPOINT DIAGNOSTICSLTD.
Ventripoint has become an industry leader in theapplication of AI (Artificial Intelligence) to echocardiography.Ventripoint’s VMS products are powered by its proprietary KBRtechnology, which is the result of a decade of development andprovides accurate volumetric cardiac measurements equivalent to MRI.This affordable, gold-standard alternative allows cardiologistsgreater confidence in the management of their patients. Providingbetter care to patients serves as a springboard and basic standard for all of Ventripoint’s products that guide ourfuture developments. In addition, VMS+ is versatile and can be usedwith all ultrasound systems from any vendor supported by regulatorymarket approvals in the U.S., Europe and Canada. For moreinformation, 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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