Medivolve Inc (NEO: MEDV) has a new major holder of its equity. Last night, Aberdeen International (TSX: AAB) announced that it has taken a major position in the firm in connection with a recent private placement that was conducted.
The financing itself saw the medical services company raise total gross proceeds of $12.0 million under a private placement conducted at a price of $0.07 per unit. Each unit consisted of one common share and one common share purchase warrant, with warrants valid for a period of five years at an exercise price of $0.08 per share. A total of 171.4 million units of the company were sold.
Under the financing, Aberdeen acquired a total of 24.1 million units of the issuer, for total consideration of $1.7 million. Following the closing of the transaction, the firm now holds a 6.2% stake of the company on an undiluted basis, and 11.7% of the firm on a partially diluted basis. The company reportedly participated in the financing for investment purposes.
Aberdeen however was not the only public issuer to participate in the financing, with Sulliden Mining Capital (TSX: SMC) also announcing participation in the financing. The former invested a total of $1.7 million for 24.7 million units of the firm. Filings show that a Newdene Gold also participated, taking down 35.2 million units under the financing as well.
Medivolve last traded at $0.08 on the Neo.
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