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Ventripoint Looks To Raise $5.0 Million Via Bought Deal

Ventripoint Diagnostics (TSXV: VPT) this evening was halted for trading, ahead of announcing that the company will be conducting a bought deal offering of units. The financing will see the company raise gross proceeds of $5.0 million.

Lead by Leede Jones Gable and Stifel GMP, the financing will look to sell up to 9.6 million units of the company. Units are to be priced at $0.52 per each, with each unit containing one common share and one common share purchase warrant.

Each warrant under the offering contains an exercise price of $0.70 per share, and is valid for a period of five years from the issuance date. An acceleration clause also exists, whereby the company can accelerate the expiry of the warrants in the event the equity trades above $1.00 for a period of ten consecutive days on a volume weighted basis.

An over-allotment option has also been granted in connection with the financing.

Proceeds from the raise are to be used for product design and development, as well as production, commercialization, sales and marketing, distribution and general working capital.

The financing is currently slated to close the week of October 19.

Ventripoint Diagnostics last traded at $0.60 on the TSX Venture.


FULL DISCLOSURE: Ventripoint Diagnostics is a client of Canacom Group, the parent company of The Deep Dive. The company has been compensated to cover Ventripoint Diagnostics on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

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