TORONTO, Jan. 16, 2024 (GLOBE NEWSWIRE) -- Profound Medical Corp. (TSX:PRN, NASDAQ:PROF) ("Profound" or the "Company") is pleased to announce that the Company has entered into subscription agreements, dated as of January 16, 2024, with certain existing Canadian institutional investors, in connection with a non-brokered private placement (the "Private Placement") for aggregate gross proceeds of approximately US$2,937,502.
In connection with the closing of the Private Placement, the Company is expected to issue an aggregate of 391,667 common shares in the capital of the Company ("Common Shares") at a price of US$7.50 per Common Share. All of the Common Shares issued in connection with the Private Placement will be subject to a four-month and one day statutory hold period. The Company expects to use the proceeds from the closing to fund the continued commercialization of the TULSA-PRO® system in the United States, the continued development and commercialization of the TULSA-PRO® system and the Sonalleve® system globally and for working capital and general corporate purposes.
The closing of the Private Placement is expected to occur on or about January 17, 2024, subject to customary closing conditions.
The Company is offering the Common Shares in Canada only. The Common Shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer ...