SEATTLE, WASHINGTON--(Marketwire - Mar 4, 2013) - VentriPoint Diagnostics Ltd. ("VentriPoint" or the "Corporation") (TSX VENTURE:VPT) (VPTDF) announces that it intends to complete a non-brokered private placement of up to 20,000,000 units ("Units") of the Corporation at a price of $0.10 per Unit for gross proceeds of up to $2,000,000 (the "Private Placement"). Each Unit will consist of one common share ("Common Share") of the Corporation and one-half of one Common Share purchase warrant ("Warrant"), with each Warrant entitling the holder thereof to purchase one Common Share at a price of $0.15 per share for a period of two years from the date of issuance. The Corporation intends to use the proceeds from the Private Placement for general working capital purposes. In the event the Private Placement is completed for gross proceeds of less than $2,000,000, the Board of Directors of the Corporation may elect to complete the placement with a debt financing, the terms of which have not been determined at this time.
The Private Placement is subject to the approval of the TSX Venture Exchange. The securities will be subject to a four-month hold period, in accordance with applicable securities laws.
The Corporation may pay a commission or finder''s fee to eligible parties in connection with the Private Placement, subject to compliance with applicable securities laws. In addition, the Corporation may grant agent''s options to purchase Common Shares at a price of $0.10 per Common Share for a period of 18 months, subject to regulatory approval.
About VentriPoint Diagnostics Ltd.
VentriPoint has created diagnostic tools to monitor patients with heart disease, a leading cause of death in developed countries. VMS™ is the first cost-effective and accurate diagnostic tool for measuring right ventricle heart function. The Corporation has a suite of applications for all major heart diseases and imaging modalities including congenital heart disease, left or right heart failure and normal hearts - a multi-billion dollar market potential. The VMS™ is for investigational use only in the United States and approved for clinical use in Canada and Europe.
FORWARD-LOOKING STATEMENTS: This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the closing of the private placement including the Corporation''s ability to obtain necessary approvals from the TSX Venture Exchange. All statements, other than statements of historical facts, which address VentriPoint''s expectations, should be considered forward-looking statements. Such statements are based on management''s exercise of business judgment as well as assumptions made by and information currently available to management. When used in this document, the words "may", "will", "anticipate", "believe", "estimate", "expect", "intend" and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect a current view of future events and are subject to certain risks and uncertainties as contained in the Corporation''s filings with Canadian securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results could differ materially from those anticipated in these forward-looking statements. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in VentriPoint''s disclosure documents on the SEDAR website at www.sedar.com. The Corporation undertakes no obligation, and does not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of any unanticipated events. Although management believes that expectations are based on reasonable assumptions, no assurance can be given that these expectations will materialize.