Ventripoint Diagnostics Ltd.

Ventripoint Diagnostics Ltd.

January 02, 2015 09:00 ET

Ventripoint Closes $200,900 Debenture Unit Private Placement

SEATTLE, WASHINGTON--(Marketwired - Jan. 2, 2015) -


Ventripoint Diagnostics Ltd. ("Ventripoint" or the "Corporation") (TSX VENTURE:VPT) announces that has completed a non-brokered private placement of CDN$209,000 (the "Offering") of debenture units of the Corporation at a price of $1,000 per unit ("Units"). The Units will be comprised of $1,000 principal amount of non-convertible non-secured debentures ("Debentures"), and mature one year from the date of issuance of the Debentures (the "Maturity Date") and 16,667 common share purchase warrants with an exercise price of CDN$0.06 for a period of two years. The Corporation increased the placement by a small amount from CDN$200,000 to CDN$209,000.

The Debentures bear a 12% annual simple interest calculated on the principal amount, paid monthly in arrears in cash.

Dr. George Adams, a Director and President and CEO of the Corporation, subscribed for $50,000 of the Units.

The net proceeds of the Offering, after deducting the expenses of the Offering, will be used to incur expenditures for: (i) product and service commercialization of the VMS; and (ii) for general working capital purposes and potentially to repay debt and outstanding payables.

The Offering is subject to the final approval of the Exchange. The securities will be subject to a four-month hold period, in accordance with applicable securities laws.

About Ventripoint Diagnostics Ltd.

Ventripoint has created diagnostic tools to monitor patients with heart disease, a leading cause of death in developed countries. The VMS™ is the first cost-effective and accurate diagnostic tool for measuring right ventricle heart function, and is approved for clinical use for selected cardiac indications in Canada and Europe, and cleared for use in adult PAH patients by the FDA in the United States. 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

FORWARD-LOOKING STATEMENTS: This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the closing of the Offering 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 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.

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