Aurora Spine Corporation
TSX VENTURE : ASG

Aurora Spine Corporation

October 15, 2015 18:30 ET

Aurora Spine Corporation Announces Completion of Non-Brokered Private Placement and Filing of Early Warning Report

CARLSBAD, CALIFORNIA--(Marketwired - Oct. 15, 2015) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Aurora Spine Corporation ("Aurora Spine" or the "Company") (TSX VENTURE:ASG) is pleased to announce that it has completed a non-brokered private placement of common shares (the "Offering"). Under the Offering, the Company issued 5,459,000 common shares at a price of CDN $0.22 per share for aggregate gross proceeds of CDN $1,200,980.

In connection with the Offering, the Company paid finders' fees of approximately CDN $35,534 to certain arm's length finders in an amount equal to 8% of the proceeds raised under the Offering.

The proceeds of the Offering will be used for general working capital purposes.

Pursuant to applicable Canadian securities laws, the common shares issued under the Offering are subject to a four-month hold period that expires February 16, 2016.

David Rosenkrantz of Etobicoke, Ontario, recently appointed Chairman of the Board of the Company, subscribed for 1,150,000 common shares (the "Acquired Shares") under the Offering for aggregate cash consideration of CDN $253,000. The participation of Mr. Rosenkrantz in the Offering constitutes a related party transaction under Canadian Multilateral Instrument 61-101 ("MI 61-101"), but is otherwise exempt from the formal valuation and minority approval requirements of MI 61-101.

Following closing of the Offering, Mr. Rosenkrantz will own or exercise control or direction over an aggregate of 2,647,500 common shares, representing 10.6% of the issued and outstanding shares of the Company on a non-diluted basis. Mr. Rosenkrantz has indicated that his acquisition of shares under the Offering is for investment purposes and that there were no joint actions in connection with his purchase of the Acquired Shares. Mr. Rosenkrantz may, in the future, increase or decrease his ownership of securities of the Company, directly or indirectly, from time to time depending upon market conditions or any other relevant factor. The Acquired Shares were acquired by Mr. Rosenkrantz in reliance on the accredited investor exemption, as provided in section 2.3 of National Instrument 45-106.

The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the final approval of the TSX Venture Exchange.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

A portion of this news release is being issued as required by National Instrument 62-103. An early warning report with respect to the purchase by Mr. Rosenkrantz will be filed on SEDAR and will be available for review at www.sedar.com under the Company's profile.

About Aurora Spine

Aurora Spine is an early stage company focused on bringing new solutions to the spinal implant market through a series of screwless, innovative, minimally invasive, regenerative spinal implant technologies. Aurora Spine continues to position itself at the forefront of spinal surgery procedures, focusing on minimally invasive spine surgery technologies. Aurora Spine is changing spine surgery by focusing on disruptive technologies following the Company's commitment to - Simplifying the Complex.

Forward-Looking Statements

This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurora Spine, including, without limitation, those listed under "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Information" in Aurora Spine's final prospectus (collectively, "forward-looking information"). Forward-looking information in this news release includes information concerning the Offering and the proposed use of proceeds of the Offering. Aurora Spine cautions investors of Aurora Spine's securities about important factors that could cause Aurora Spine's actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ unilaterally from those expressed in such forward-looking statements. No assurance can be given that the expectations set out herein will prove to be correct and, accordingly, prospective investors should not place undue reliance on these forward looking statements. These statements speak only as of the date of this press release and Aurora Spine does not assume any obligation to update or revise them to reflect new events or circumstances.

Contact Information

  • Aurora Spine Corporation
    Trent Northcutt
    President and Chief Executive Officer
    (760) 424-2004

    Aurora Spine Corporation
    Eric Fronk
    Chief Financial Officer
    (760) 424-2004
    www.aurora-spine.com