Ventripoint increases private placement size to $3.2M

CPE News

Toronto (pcJ News Briefs) – Ventripoint Diagnostics Ltd. (TSX-V: VPT) is increasing the maximum gross proceeds of its previously-announced non-brokered private placement from $2,000,000 to $3,200,000 and will now issue up to 10,000,000 units at $0.32 per unit, with each unit consisting of one common share and one warrant. Each warrant will entitle the holder thereof to acquire one common share at a price of $0.50 per share for a period of 2 years after the issuance of the warrant.

Ventripoint Diagnostics said the private placement is oversubscribed and no further orders will be accepted. It expects to close the private placement on or before March 21, 2017.

Ventripoint Diagnostics also announced that it has expressions of interest to enter into agreements with holders of debentures to issue an additional 1,915,625 units to the holders of the debentures as payment in full of $613,000, being the aggregate of all amounts due under the debentures, as a shares-for-debt transaction. Should all debenture holders complete the transactions, Ventripoint Diagnostics would be debt free. One insider of Ventripoint Diagnostics, Dr. George Adams, would be issued 312,500 units for his $100,000 debenture.

The increase in size of the private placement, and the shares for debt, are subject to the approval of the TSX Venture Exchange.

photo credit: Ventripoint Diagnostics