TORONTO, ONTARIO--(Marketwired - Oct. 4, 2016) -
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 closed the first tranche of its non-brokered private placement announced on September 23, 2016
(the "Private Placement").
The first tranche involved the issuance of 2,000,001 units ("Units") at a price of $0.15 per Unit, for gross
proceeds of $300,000. Each Unit consisted of one common share of Ventripoint ("Common Share") and one
Common Share warrant ("Warrant"). Each Warrant will entitle the holder thereof to acquire one additional Common
Share at an exercise price of $0.30 per Common Share for a period of 2 years after the issuance of the Warrant, subject to
acceleration in certain events.
Two of the subscribers in the first tranche accepted Units as payment in full of outstanding debentures 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 $38,000.
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 ("TSXV"). The Private Placement is subject to the final acceptance of the TSXV.
The Corporation will use the proceeds of the Private Placement for product development, sales and marketing and general
working capital purposes.
The total size of the Private Placement is up to 4,000,000 Units. The Corporation expects to close the second tranche of the
Private Placement in the near future.
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 final acceptance of
Private Placement by the TSXV 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 TSXV
approval of the Private Placement and the use of net proceeds of the Private Placement. 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. Certain 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.