Ventripoint Announces Closing of Shares for Debt and New Closing Date for Private Placement
Ventripoint Diagnostics Ltd. ("Ventripoint" or the "Corporation") (TSX-V: VPT) is pleased to announce that it has completed its previously-announced, shares-for-debt transaction (the "Shares for Debt") with holders of debentures previously issued by the Corporation (the "Debentures"). The Corporation issued to the holders of Debentures a total of 1,575,000 units of the Corporation ("Units") as payment of $504,000, being the aggregate of all amounts due under such Debentures. Each Unit consists of one common share of Ventripoint ("Common Share") and one Common Share purchase Warrant ("Warrant"), with each Warrant entitling the holder to acquire one Common Share at a price of $0.50 for a period of 2 years after the issuance of the Warrant.
The Corporation also announces that the previously-announced private placement of Units (the "Private Placement") has over 80 subscribers and the Corporation is working to complete all the paperwork to close on or before March 24, 2017. The Private Placement is 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 and March 15, 2017.
Dr. George Adams, the Chief Executive Officer and a Director of the Corporation, received 312,500 Units pursuant to the Shares for Debt. Such 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 but could not be filed earlier than 21 days prior to its completion due to the fact that the transaction was subject to approval by the TSXV.
Ventripoint announced earlier this month that it had received a license from Health Canada for the new VMS-PLUS™ machine and the 4-chamber (4C) heart analysis system. The VMS is already licensed in Canada for use for the right ventricle (RV). This expansion allows the determination of volume and function for all four chambers of the heart using conventional 2D ultrasound.
Ventripoint Receives Approval for World's First Complete Heart Analysis System for 2D Ultrasound Exams
Today, Ventripoint Diagnostics Ltd. (TSX VENTURE: VPT) announced that it had received a license from Health Canada for the new VMS-PLUS™ machine and the 4-chamber (4C) heart analysis system. This is an expansion of the VMS heart analysis product to include right atrium (RA), left atrium (LA) and left ventricle (LV) chambers of the heart. The VMS was already licensed in Canada for use for the right ventricle (RV). This expansion allows for the determination of volume and function for all four chambers of the heart using conventional 2D ultrasound, which could only be provided by MRI until now.
"Ventripoint has achieved a "world first" with the approval of a whole-heart analysis system for 2D ultrasound exams, which provides accurate and reliable measurements equivalent to MRI," stated Dr. George Adams, CEO of Ventripoint. "I am excited to begin to market our 4C machine and generate value for our shareholders. With the license in Canada, Ventripoint now has "home-country approval", which simplifies the registration process for VMS products in many countries. This is exactly what we've been striving for."
The size and function of all four chambers of the heart is increasingly recognized as critically important in monitoring patients' responses to cardiac medications and procedures and predicting outcomes This information is often unavailable as access to cardiac MRI is very limited in many countries, including Canada. 2D cardiac ultrasound is universally available worldwide and with the VMS-PLUS generates measurements equivalent to MRI. This simple combination makes it possible to obtain this valuable information at every cardiology appointment in a few minutes.