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VentriPoint Diagnostics Ltd V.VPT

Alternate Symbol(s):  VPTDF

Ventripoint Diagnostics Ltd. is a Canada-based medical device company. It is engaged in the development and commercialization of diagnostic tools to monitor patients with heart disease. It develops a suite of applications for all heart diseases and imaging modalities, including congenital heart disease, pregnancy, pulmonary hypertension, COVID-19, technically difficult imaging and cardiotoxicity in oncology patients. It provides application of artificial intelligence to echocardiography. Its flagship product, Ventripoint Medical System (VMS+), enhances echocardiography to deliver cMRI levels of accuracy for volumetric measurements and ejection fractions for all four chambers of the heart. It has developed a solution that transforms cardiac care through its 3D ECHO and MRI software. VMS products are powered by its proprietary Knowledge Based Reconstruction technology, which is the result of a decade of development and provides accurate volumetric cardiac measurements equivalent to MRI.


TSXV:VPT - Post by User

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Post by Sonny7on Mar 15, 2017 8:08am
234 Views
Post# 25980852

The News

The News

Ventripoint increases placement to $3.2-million

Ventripoint Diagnostics Ltd (2) (C:VPT) 
Shares Issued 32,138,218
Last Close 3/14/2017 $0.39
Wednesday March 15 2017 - News Release

Mr. George Adams reports

VENTRIPOINT ANNOUNCES INCREASE IN SIZE OF PRIVATE PLACEMENT, SHARES FOR DEBT AND CLOSING OF ACCEPTANCE OF ORDERS

Ventripoint Diagnostics Ltd. is increasing the maximum gross proceeds of its previously announced non-brokered private placement from $2-million to $3.2-million and will now issue up to 10 million units at 32 cents per unit. Each Unit consists of one common share of Ventripoint ("Common Share") and one Common Share warrant ("Warrant"). Each Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.50 per Common Share for a period of 2 years after the issuance of the Warrant. 

The Corporation is also announcing the Private Placement is oversubscribed and no further orders will be accepted. The Corporation expects to close the Private Placement on or before March 21, 2017

The Corporation also announces that it has expressions of interest to enter into agreements with holders of debentures previously issued by the Corporation (the "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 (the "Shares for Debt"). Should all debenture holders complete the transactions, the Corporation would be debt free. One insider of the Corporation, Dr. George Adams, would be issued 312,500 units for his $100,000 debenture. 

Dr. Adams' participation in the Shares for Debt constitutes a Related Party Transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") and Policy 5.9 - Protection of Minority Security Holders in Special Transactions of the TSX Venture Exchange (the "TSXV"). The Corporation is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. A material change report in respect of the Related Party Transaction will be filed by the Corporation. 

The increase in size of the Private Placement, and the Shares for Debt, are subject to the approval of the TSX Venture Exchange (the "TSXV"). The Private Placement is also subject to the final approval of the TSXV. For further details of the Private Placement please see the Corporation's news releases of March 9, 2017. 

We seek Safe Harbor.

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