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Ventripoint Announces Closing of First Tranche of Non-Brokered Secured Convertible Debenture Unit Private Placement and Exchange of Existing Debentures and Repricing and Extension of the Associated Warrants
(via TheNewswire) Toronto, Ontario - TheNewswire - February 10, 20 20 - V...
About this update from Ventripoint Diagnostics Ltd.
[{"type":"text","content":"\nVentripoint Announces Closing of First Tranche of Non-Brokered Secured Convertible Debenture Unit Private Placement and Exchange of Existing Debentures and Repricing and Extension of the Associated Warrants(via TheNewswire)\n \n \nToronto, Ontario - TheNewswire - February 10, 2020 - Ventripoint Diagnostics Ltd. (\"Ventripoint\" or the \"Corporation\"), (TSXV:VPT) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement of secured convertible debenture units for gross proceeds of $725,000 and the exchange of existing debentures and repricing and extension of the associated warrants. The Corporation intends to complete the previously announced non-brokered private placement with total gross proceeds of up to CDN$1,220,000 (the \"Offering\") of debenture units of the Corporation. Depending on market conditions, the Corporation reserves the right to increase the maximum gross proceeds under the Offering, subject to approval of the TSX Venture Exchange (the \"Exchange\"). \n\n\n \nNon-Brokered Debenture Unit Private Placement \n\n\n \nThe Corporation has closed the first tranche of its non-brokered private placement of debenture units of the Corporation (\"Units\") and issued 725 Units under the Offering. Each Unit is comprised of: (i) CDN$1,000 principal amount of convertible secured debentures (\"Debentures\"), which shall mature on February 9, 2022; and (ii) 12,000 common share purchase warrants (\"Warrants\") with each Warrant exercisable for one common share of the Corporation (\"Common Share\") at an exercise price of CDN$0.10 per Common Share until February 9, 2022. The Corporation issued 8,700,000 Warrants as part of the first tranche of the Offering. The securities issued pursuant to the Offering are subject to a four month hold period that expires on June 9, 2020. The Warrants include an accelerated expiry clause such that the exercise period of the Warrants will be reduced to 30 days if for any ten consecutive trading days during the unexpired term of the Warrant (the \"Premium Trading Days\"), the closing price of the Company's shares exceeds the exercise price of the Warrants by 25% (and for more certainty, the reduced exercise period of 30 days will begin no more than 7 calendar days after the tenth Premium Trading Day). \n\n\n \nThe Debentures are secured ...