SEATTLE, WASHINGTON--(Marketwired - May 30, 2014) - Ventripoint Diagnostics Ltd. ("Ventripoint" or the "Corporation") (TSX VENTURE:VPT) is pleased to announce that it has come to an agreement with its major secured debenture-holder to amend the terms of the USD$748,000 debenture (the "Debenture") so that it is convertible into common shares of the Corporation ("Common Shares") at a price of USD$.0748 per Common Share. In addition, the maturity date of the Debenture has changed from July 18, 2014 to February 27, 2015. All other material terms of the Debenture remain the same. It is the intention of the debenture-holder to convert the debt into shares, which will be subject to a 4-month hold period. The Company will pay a one-time fee of USD$25,000 to the Debenture holder to affect these amendments to the Debenture. The TSX Venture Exchange has conditionally approved the amendment of the Debenture.
In addition, the Corporation will issue 760,000 shares to pay the accrued interest payable pursuant to the Debenture of approximately USD$44,300 at a rate of $.065 per share, which was the 10-day volume-weighted average price (VWAP) at the time the agreement with the Debenture-holder was reached, as stipulated in the Debenture. The TSX Venture Exchange has conditionally approved this shares-for-debt arrangement.
Forward Looking Statement:
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, this news release contains forward-looking information relating to the Offering and the use of the proceeds therefrom. The forward-looking statements and information are based on certain key expectations and assumptions made by the Corporation, including expectations and assumptions concerning the completion of the Offering and the use of net proceeds of the Offering. Although the Corporation believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Corporation can give no assurance that they will prove to be correct.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Such factors may include the failure to successfully market the Units and failure to satisfy certain conditions in connection with the issuance of the Units. Other factors which could materially affect such forward-looking information are described in the risk factors in the Corporation's most recent annual management's discussion and analysis that is available on the Corporation's profile on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.