Ventripoint Diagnostics Ltd.

Ventripoint Diagnostics Ltd.

June 05, 2015 08:33 ET

Ventripoint Closes $800,000 Private Placement Financing

SEATTLE, WASHINGTON--(Marketwired - June 5, 2015) -


Ventripoint Diagnostics Ltd. ("Ventripoint") (TSX VENTURE:VPT) announces that further to its news releases of May 28, 2015 and June 2, 2015, it has completed its non-brokered private placement of 14,545,450 units (each, at "Unit") at $0.055 per Unit (the "Private Placement") for gross proceeds of $800,000.00. Each Unit consists of one common share of Ventripoint ("Common Share") and one half warrant ("Warrant"). Each full Warrant entitles the holder to acquire one additional Common Share at a price of $0.12 per Common Share for a period of 2 years after the issuance of the Warrant.

An aggregate of $48,999.99 in finder's fees was paid to finders, representing 7% of the proceeds of the Private Placement from investors identified by the finders. In addition, finders received 890,909 finder's warrants, representing 7% of the number of Units purchased by investors identified by the finders. Each finder's warrant entitles the holder to purchase one Common Share at $0.055 per share for a period of 18 months after the issuance of the finder's warrants.

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

The Private Placement is subject to the final approval of the Exchange. The securities are 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. VMS™ is the first cost-effective and accurate diagnostic tool for measuring right ventricle heart function. 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. The VMS™ is approved for clinical use in the United States, Canada and Europe.

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 and use of proceeds. 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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