VentriPoint Diagnostics Ltd.
TSX VENTURE : VPT

VentriPoint Diagnostics Ltd.

April 07, 2009 17:28 ET

VentriPoint Diagnostics Closes Debenture Financing

SEATTLE, WASHINGTON--(Marketwire - April 7, 2009) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

VentriPoint Diagnostics Ltd. ("VentriPoint" or the "Corporation") (TSX VENTURE:VPT) today announced the final closing of its previously announced private placement of Units (the "Units") of the Corporation (the "Offering") for aggregate gross proceeds of $816,013. Pursuant to the Offering and previously announced closing, the Corporation raised total proceeds of $1,052,317 and issued a total of 1,052,317 Units at a price of $1.00 per Unit. Each Unit consists of a secured debenture promissory note (the "Debentures") with an interest rate of 8% per annum and four share purchase warrants (the "Warrants") of the Corporation. Each Warrant is exercisable into one common share of the Corporation (the "Common Share") at an exercise price of $0.15 per Common Share for a period of three years from the date of issuance. The Debentures will have a maturity date of three years from the date of issuance and will be redeemable at the option of the Corporation any time after one year from the date of issuance.

In conjunction with the Offering, VentriPoint paid a cash commission of $21, 000 and issued 140,000 non-transferable warrants exercisable into Common Shares at a price of $0.15 per Common Share. All securities issued pursuant to the Offering are subject to a four-month hold period pursuant to applicable securities legislation. The proceeds made available through the sale of Units will be used to incur expenditures in preparation for and implementation of product and service commercialization, applied to deferred wages and for working capital purposes.

About VentriPoint Diagnostics Ltd.

VentriPoint creates diagnostic tools to monitor patients with heart disease - the number one cause of death in developed countries. By using images produced from existing medical imaging systems, the VentriPoint Medical System ("VMS") generates critical heart measurements in a rapid and inexpensive manner not currently available. Health Canada has granted licensed approval for the VMS breakthrough diagnostic tool which is based upon technology received by VentriPoint through its exclusive technology license with the University of Washington. The VMS, together with its associated online service, is being developed for a variety of heart related disease states, including congenital heart disease and pulmonary hypertension.

To receive press release, please email chris@chfir.com and mention VentriPoint in the Subject line.

FORWARD-LOOKING STATEMENTS: The statements made in this press release that are not historical facts contain forward-looking information that involves risk and uncertainties. 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. 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.

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.

Contact Information

  • VentriPoint Diagnostics
    Ed Garth
    Chief Financial Officer
    (206) 283-0221 ext. 402
    (206) 283-2309 (FAX)
    or
    CHF Investor Relations
    Christopher Haldane
    Account Manager
    (416) 868-1079 ext. 237
    (416) 868-6198 (FAX)
    Email: chris@chfir.com