CVR Medical Corp V.CVM.H

NEWS...private placement closed

[jarvis117]

CVR Medical Corp. Closes Private Placement

VANCOUVER, BC / May 12, 2022 / CVR Medical Corp. (CVM.V) (TSXV: CVM) (OTCQB: CRRVF) ("CVR Medical" or the "Company" or "we") a Canadian listed and US based healthcare company in the medical device market is pleased to announce that the non-brokered private placement (the "Private Placement") announced on April 12, 2022 closed before market open on May 6, 2022.

The Private Placement consisted of 2,005,334 units at a price CAD$0.03 per unit (each, a "Unit") for gross proceeds of CAD$60,160, as a result of the TSX Venture Exchange's (the "Exchange") acceptance of the Company's application for a discretionary waiver of the CAD$0.05 minimum pricing requirement. Pursuant to the Private Placement, each Unit consists of one common share (each, a "Share") of the Company and one transferable common share purchase warrant (each, a "Warrant") exercisable to acquire an additional Share of the Company for a term of five years from issuance at a price of CAD$0.05 per Share. The proceeds from the Private Placement will be used for accounting and audit costs and related filing fees and expenses to maintain the Company's filing and reporting obligations.

The Shares and Warrants are subject to a four month hold period expiring September 7, 2022 under applicable securities laws in Canada and the rules of the Exchange. The Private Placement remains subject to final Exchange approval.

No finder's fees were paid in connection with the Private Placement.

A director and senior officer of the Company acquired a total of 2,005,334 Units of the Private Placement (the "Insider Participation"). The Insider Participation is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 Protection of Minority Securityholders in Special Transactions ("MI 61-101") by virtue of the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 based on that the fair market value of such Insider Participation does not exceed 25% of the Company's market capitalization.

A portion of the proceeds from the Private Placement are being used to complete the 2021 company audit. The financials for 2021 have been submitted to the auditors and we anticipate the audits completion shortly.

About CVR Medical

CVR Medical Corp. is a healthcare company that operates in the medical device industry focused on the commercialization of its disruptive, proprietary Carotid Stenotic Scan device ("CSS"). The CSS is a diagnostic tool that encompasses subsonic, infrasonic, and low frequency sound wave analysis technology. The CSS is a patented device designed to detect and measure carotid arterial stenosis. CVR Medical's

  

CVR Medical Corp. e. [e-mail] w. www.cvrmed.com

shares are listed on the OTCQX under the symbol "CRRVF". The Company is listed for trading under the symbol “CVM”. Additional information regarding the Company can be found in our recent filings with the SEDAR as well as the information maintained on our website at www.cvrmed.com

ON BEHALF OF THE BOARD:
(signed) Paul Blunden, M.D.
President & Director, interim CEO and CFO

For further information contact:
Paul Blunden, M.D., President/ Director, interim CEO and CFO Email: [e-mail]

This press release contains forward-looking information that involves various risks and uncertainties regarding future events related to: the proposed Offering, certain corporate and securities law requirements, raising capital and potential litigation. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements and are not guarantees of future performance of the Company. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a failure or material setback in the Company satisfying any conditions required by the TSX-V; (2) a failure of the Company to raise sufficient capital to relaunch the Company; (3) an inability to complete the proposed Offering; (4)a downturn in general economic conditions in North America and internationally; (5)the inherent uncertainties and speculative nature associated with commercialization of technology and the practice of medicine; (6) a change in health regulations; (7) any number of events or causes which may delay or cease commercialization and development of the CSS Device; (8) the risk that the Company does not execute its business plan; (9) the risk of litigation between the Company and certain shareholders and the risk of litigation generally; (10) an inability to retain key employees; (11) an inability to finance operations and growth; (12) compliance with certain corporate and securities law requirements; and (13) other factors that are beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.

THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

 

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