Ventripoint Diagnostics Ltd.
TSX VENTURE : VPT

Ventripoint Diagnostics Ltd.

September 10, 2015 08:54 ET

Ventripoint Receives Conditional Approval of $3,000,000 Private Placement and Announces the Placement is Fully Subscribed

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

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Ventripoint Diagnostics Ltd. ("Ventripoint" or the "Corporation") (TSX VENTURE:VPT) is pleased to report that further to the news release of August 31, 2015, the Corporation has received TSX Venture Exchange ("TSXV") conditional approval of the Corporation's non-brokered private placement (the "Private Placement") of up to 54,545,454 units ("Units") at $0.055 per Unit for total gross proceeds of up to $3,000,000 (the "Offering"). Each Unit will consist 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 a 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.

The Private Placement is fully subscribed and all of the Units have been allocated to new and existing shareholders.

"This financing will allow the company to aggressively move forward with its business plan and capture the unique opportunity to provide measurements of volumes for all four heart chambers to the cardiology community using conventional echocardiography (ultrasound)," stated Dr. George Adams, CEO of Ventripoint.

The Corporation also wishes to clarify that two of the subscribers in the Private Placement will accept Units as payment of principal owing pursuant to a convertible debenture and a promissory note previously issued by the Corporation, as a shares-for-debt transaction (the "Shares for Debt"). The TSXV has also conditionally approved the Shares for Debt. The Corporation will use the remainder of proceeds of the Private Placement for development, sales and marketing and general working capital.

The Private Placement and the Shares for Debt are subject to final approval 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 the Private Placement and the use of the proceeds therefrom and the Shares for Debt. The forward-looking statements and information are based on certain key expectations and assumptions made by the Corporation, including expectations and assumptions concerning the completion of the Private Placement and the Shares for Debt and the use of net 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 satisfy certain conditions in connection with the issuance of the Units. 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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