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Ventripoint Diagnostics increases placing to $1.5M due to demand

The proceeds will be used for sales and marketing, development and general working capital
Pictured is Canadian currency
The company has closed the order book on the offering and intends to complete the offering of debenture units at $1,000 per unit by January 25 this year

Ventripoint Diagnostics Ltd (CVE:VPT) (OTCMKTS:VPTDF) has increased its previously announced non-brokered private placement to $1.5 million from $1 million due to investor demand.

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

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

The company has closed the order book on the offering and intends to complete the offering of debenture units at $1,000 per unit by January 25 this year.

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 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 Giles at [email protected]

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