pcJ News Briefs – Opsens Inc. (TSX: OPS; OTCQX: OPSSF) announced today that Zeon Medical Inc. has converted US $2 million debenture into Opsens shares.
On November 19, 2012, Opsens announced an distribution and investment agreement with a “unnamed” Japanese-based medical corporation in a US $5 million transaction, granting Zeon Medical the exclusive distribution rights for its products designed to measure Fractional Flow Reserve (FFR) in Japan, Korea and Taiwan. Zoen Medical invested US $2 million in convertible debenture at signing.
The debenture bears interest at a rate of 2.0% per annum, payable at maturity. At the holder’s option, the debenture may be converted into common shares, subject to a minimum of $0.50 and a maximum of $0.75 per common share. The debenture is also convertible at Opsens’ option at the Conversion Price if the volume-weighted average closing price per common share for the twenty trading days immediately preceding the fifth trading day before such conversion date is at least $1.20 and if a minimum of 50,000 common shares have traded during each of the twenty trading days taken into account in the calculation of the conversion price.
Opsens’ stock closed at $1.20 on November 24, 2017.
On May 17, 2016, Opsens closed a $5 million non-brokered private placement led by Lumira Capital of 4,761,000 units at $1.05 per unit. On December 8, 2016, Opsens completed a bought deal financing of 8,667,000 common shares at $1.50 per share for gross proceeds of $13 million.
photo credit: Opsens
News Release
OPSENS’ JAPANESE PARTNER ZEON MEDICAL PROCEEDS WITH CONVERSION OF US$2 MILLION DEBENTURE
Quebec City, Quebec, November 27, 2017 – Opsens Inc. (“Opsens” or the “Company”) (TSX:OPS) (OTCQX:OPSSF) is pleased to announce the conversion of the US$2 million debenture held by Zeon Medical Inc. (“Zeon Medical”), Opsens’ Japanese partner.
Zeon Medical has been a client of Opsens since 2004. In 2012, Opsens granted Zeon Medical the exclusive distribution rights for its products designed to measure Fractional Flow Reserve (“FFR”) in Japan, Korea and Taiwan.
Today, Opsens announced that the aggregate principal amount under the debenture and the accrued interest had been fully converted into common shares of the Company.
Dr. Noboru Yanagida, President of Zeon Medical, said: “we are delighted to become a shareholder of Opsens. We appreciate the business partnership we have developed and expect to continue to grow this relationship for the benefit of our two companies.”
“We are pleased to see our longtime partner, Zeon Medical, become a shareholder in our Company. The trust that has developed between our two companies, over more than ten years of cooperation, has contributed to the decision to convert the debenture into shares of Opsens,” concluded Mr. Louis Laflamme, President and CEO of Opsens.
About Opsens Inc. (www.opsens.com or www.opsensmedical.com)
Opsens focuses mainly on the measure of FFR in interventional cardiology. Opsens offers an advanced optical-based pressure guidewire (OptoWire) that aims at improving the clinical outcome of patients with coronary artery disease.
Opsens is also involved in industrial activities.
About ZEON CORPORATION (www.zeon.co.jp) and Zeon Medical Inc. (www.zeonmedical.co.jp/e)
Founded in 1950, ZEON CORPORATION is a chemicals manufacturer that produces materials for daily life such as synthetic rubbers, specialty resins and electronic components. Using unique technologies, the company has improved its integrated production system and is considered to be a world leader in special synthetic rubber manufacturing. Zeon Medical, Inc., a wholly owned subsidiary of the ZEON CORPORATION, has over 20 year’s history in the production and distribution of medical devices in the field of cardiovascular/ GI endoscopic treatment.
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Opsens to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.
Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
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For further information, please contact: Louis Laflamme, CPA, CA, Chief Executive Officer, 418.781.0333
Robin Villeneuve, CPA, CA Chief Financial Officer, 418.781.0333