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Ventripoint Diagnostics arranges C$1M private placement of debenture units

Proceeds will be used for sales and marketing, development and general working capital
Medical person holding heart symbol
The company uses artificial intelligence to create applications monitoring heart disease

Ventripoint Diagnostics Ltd (CVE:VPT) (OTCMKTS:VPTDF) said Wednesday that it plans to complete a non-brokered private placement of as much as C$1 million debenture units.

The proceeds will be used for sales and marketing, development and general working capital, the Toronto-based, heart-focused medical device company said in a press release.

READ: Ventripoint Diagnostics shares pump after positive findings from sarcoidosis study in Netherlands using VMS

Each unit of the offering will include a principal amount of C$1,000 in convertible, unsecured debentures maturing in three years, as well as 6,000 common share purchase warrants, with each warrant exercisable for one common share at C$0.175 per share for 18 months.

The debentures may be converted at any time following the date of issuance at C$0.155 per common share.

Shares of Ventripoint slipped C$0.01 to C$0.18 in Tuesday’s Canadian trading. They were down US$0.01 to US$0.13 on the OTC Markets.

Depending on market conditions, Ventripoint said it has the right to increase the maximum gross proceeds under the offering, subject to the approval of the TSX Venture Exchange.

The debentures will have an annual interest rate of 6.5%, and the company may pay a finder's fee of up to 7% of the gross proceeds.

Ventripoint uses an artificial intelligence (AI) method known as knowledge-based reconstruction to create applications monitoring heart disease.

Contact Dennis Fitzgerald at [email protected]

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