Ventripoint Diagnostics Ltd.
TSX VENTURE : VPT

Ventripoint Diagnostics Ltd.

November 10, 2015 09:47 ET

Ventripoint Closes $500,000 Private Placement and Strategic Investment

SEATTLE, WASHINGTON--(Marketwired - Nov. 10, 2015) -

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

Further to its press release dated November 3, 2015, Ventripoint Diagnostics Ltd. ("Ventripoint" or the "Corporation") (TSX VENTURE:VPT) announces the closing of the non-brokered private placement (the "Private Placement"), pursuant to which Shanghai YuTian Medical Investment Management Co. Ltd. ("Ventrisound") made a strategic investment in Ventripoint. At closing, Ventripoint issued to Ventrisound a total of 9,090,909 units ("Units") at $0.055 per Unit for total proceeds of $500,000. Each Unit consists of one common share of Ventripoint ("Common Share") and one quarter of one Common Share warrant ("Warrant"). Each Warrant will entitle the holder thereof to acquire one additional Common Share at an exercise price of $0.11 per Common Share for a period of 2 years after the issuance of the Warrant, subject to accelerations in certain events.

A finder's fee comprised of $40,000 and 727,273 Warrants was paid. Each Warrant will entitle the holder thereof to acquire one additional Common Share at a price of $0.11 per Common Share for a period of 2 years after the issuance of the Warrant, subject to acceleration in certain events.

The Corporation will use the proceeds of the Private Placement for development, commercialization and general working capital purposes.

The Common Shares and the Warrants issued in the Private Placement are subject to a hold period of four months plus one day from the date of closing of the Private Placement except as permitted by applicable securities legislation and the rules of the TSX Venture Exchange (the "TSXV"). The Private Placement is subject to receipt of final acceptance by the TSXV.

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 final acceptance of the Private Placement by the TSXV and the use of the proceeds therefrom. 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 Private Placement, and the use of proceeds 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. Such factors may include the failure to obtain final TSXV approval for the Private Placement. Other 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.

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