CARLSBAD, CALIFORNIA--(Marketwired - Sept. 5, 2013) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES.
Aurora Spine Corporation ("Aurora Spine") is pleased to announce that it has completed its previously announced initial public offering of 5,150,000 common shares (the "Shares") at a price per share of USD$0.70, for total gross proceeds of USD$3,605,000. The offering was made on a "best efforts" agency basis by M Partners Inc.
Aurora Spine's common shares are expected to commence trading on the TSX Venture Exchange under the symbol "ASG" as of the opening of trading on or about September 10, 2013.
Prior to, and in connection with, the offering, Aurora Spine became the sole stockholder of Aurora Spine, Inc., an early stage company focused on bringing new solutions to the spinal implant market through a series of innovative, minimally invasive, regenerative spinal implant technologies.
The majority of the proceeds of the offering will be used to fund costs associated with completing development, testing and launching of Aurora Spine's second lumbar fusion device.
"We are very proud to have completed our IPO so successfully and to become a public company on the TSX Venture Exchange," said Trent Northcutt, Aurora Spine's President and Chief Executive Officer. "This is an important corporate milestone for Aurora Spine, and represents the culmination of the dedicated efforts of our experienced team. We believe this transaction will accelerate our position as a global spinal innovator of minimally invasive fusion, dynamic stabilization, and regenerative technologies."
Owens Wright LLP acted as legal counsel to Aurora Spine and Fogler, Rubinoff LLP acted as legal counsel to M Partners Inc.
A copy of Aurora Spine's final prospectus is available on SEDAR (www.sedar.com).
This press release does not constitute an offer to sell or the solicitation of any offer to buy the securities in the United States, in any province or territory of Canada or in any other jurisdiction. The securities to be offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended ("U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States absent registration or absent an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. There shall be no sale of the securities in any jurisdiction in which an offer to sell, a solicitation of any offer to buy or a sale would be unlawful.
About Aurora Spine
Aurora Spine is an early stage company focused on bringing new solutions to the spinal implant market through a series of innovative, minimally invasive, regenerative spinal implant technologies.
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 initial public offering and the use of proceeds in connection therewith. 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, including the risk that the use of proceeds of the offering will not be made in the manner disclosed in the final prospectus. 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 in Aurora Spine's final prospectus or 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.