Vancouver (pcJ News Briefs) – CVR Medical Corp. (TSX-V: CVM; FSE: B3BN; OTCQB: CRRVF) has closed a first tranche of its proposed $5 million non-brokered private placement financing, issuing 7,521,768 units at $0.48 per unit for gross proceeds of $3.6 million. CVR Medical currently expects to close a second and final tranche for gross proceeds of approximately $600,000 on or about April 21, 2017.
Each unit will be comprised of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant will be exercisable to acquire one common share of CVR Medical at a price of $0.70 per share for a period of eighteen months following the closing of the financing.
Net proceeds will be used for working capital in respect of CVR Medical’s joint venture with CVR Global Inc.
CVR Medical is a company that is involved in an equal parts joint venture (JV) with CVR Global Inc. The JV is focused on the commercialization of a proprietary subsonic, infrasonic, and low frequency sound wave analysis technology and has patents to a diagnostic device designed to detect and measure carotid arterial stenosis.
UPDATE: CVR Medical closed the second and final tranche of 1,510,000 units for additional gross proceeds of approximately $724,800 on April 24, 201.
photo credit: CVR Medical Corp.