TORONTO, ONTARIO--(Marketwired - Dec. 13, 2016) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Ventripoint Diagnostics Ltd. ("Ventripoint" or the "Corporation") (TSX VENTURE:VPT) is pleased to announce that the Corporation is increasing the size of its previously announced non-brokered private placement (the "Private Placement"). The Corporation closed the first tranche of the Private Placement on October 4, 2016 and issued a total of 2,000,001 Units for gross proceeds of $300,000. The Corporation expects to close the second tranche of the Private Placement on or before December 21, 2016 and will now issue up to 2,666,667 units ("Units") at $0.15 per Unit for total gross proceeds of up to $400,000. Each Unit consists of one common share of Ventripoint ("Common Share") and one Common Share warrant ("Warrant"). Each Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.30 per Common Share for a period of 2 years after the issuance of the Warrant, subject to accelerations in certain events. The Private Placement will include the issuance of 166,667 Units to one of the subscribers in the second tranche as payment in full of outstanding consulting fees of $25,000 owed by the Corporation to the subscriber, as a shares-for-debt transaction (the "Shares for Debt"). The Shares for Debt is subject to the approval of the TSX Venture Exchange. The Private Placement is also subject to the final approval of the TSX Venture Exchange. For further details of the Private Placement and the first tranche please see the Corporation's news releases of September 23, 2016, October 4, 2016 and November 9, 2016.
Forward Looking Statement:
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, this news release contains forward-looking information relating to acceptance of the Shares for Debt and the Private Placement by the TSXV and the closing of further tranches of the Private Placement. The forward-looking statements and information are based on certain key expectations and assumptions made by the Corporation, including expectations and assumptions concerning the TSXV approval of the Shares for Debt and the Private Placement and the closing of further tranches of the Private Placement. Although the Corporation believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Corporation can give no assurance that they will prove to be correct.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Certain factors, which could materially affect such forward-looking information are described in the risk factors in the Corporation's most recent annual management's discussion and analysis that is available on the Corporation's profile on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.