SEATTLE, WASHINGTON--(Marketwired - Sept. 29, 2015) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Ventripoint Diagnostics Ltd. ("Ventripoint" or the "Corporation") (TSX VENTURE:VPT) announces that it has completed its previously-announced, non-brokered private placement (the "Private Placement") of 54,545,454 units ("Units") at $0.055 per Unit for total gross proceeds of $3,000,000 (the "Offering"). Each Unit consists of one common share of Ventripoint ("Common Share") and one quarter of one Common Share warrant ("Warrant"). Each Warrant will entitle the holder thereof to acquire one additional Common Share at an exercise price of $0.11 per Common Share for a period of 2 years after the issuance of the Warrant, subject to accelerations in certain events.
The Corporation will use the proceeds of the Private Placement for development, sales and marketing and general working capital purposes.
Two of the subscribers in the Private Placement accepted Units as payment in full of an outstanding debenture and promissory note previously issued by the Corporation as a shares-for-debt transaction (the "Shares for Debt"). As a result of the Shares for Debt, the Corporation's net debt has been reduced by $600,000.
The Common Shares and the Warrants acquired by the subscribers are subject to a hold period of four months plus one day from the date of closing of the Private Placement except as permitted by applicable securities legislation and the rules of the TSX Venture Exchange (the "TSXV"). The Private Placement is subject to receipt of final acceptance by the TSXV.
Ms. Melanie Skidmore of Langley, British Columbia, acquired ownership of 23,636,364 Common Shares and 5,909,091 Warrants pursuant to the Private Placement. Ms. Skidmore now holds or exercises shared control or direction over a total of 44,345,718 Common Shares representing approximately 17.21% of the current issued and outstanding Common Shares of the Corporation, and 12,556,818 Warrants. Should Ms. Skidmore exercise all of her 12,556,818 Warrants, she would hold or exercise shared control or direction over approximately 21.05% of the current issued and outstanding Common Shares. Ms. Skidmore acquired the Common Shares and Warrants for investment purposes. Ms. Skidmore may, depending on market circumstances, make additional investments in or effect dispositions of securities of the Corporation. A copy of Ms. Skidmore's Early Warning Report will be available on the Corporation`s profile on SEDAR at www.sedar.com.