Seattle, Washington, October 22, 2013 - Ventripoint Diagnostics Ltd. ("Ventripoint" or the "Corporation") (TSXV:VPT) is pleased to announce that it has increased its debenture unit placement from $300,000 to $500,000 and has completed its non-brokered private placement of debenture units of the Corporation previously announced on September 27, 2013 (the "Offering"). The Corporation issued $500,000 in $1,000 principal amounts of convertible non-secured debentures ("Debentures"), which shall mature three years from the date of issuance of the Debentures (the "Maturity Date"), and issued a total of 2,500,000 common share purchase warrants with an exercise price of $0.15 for a period of three years. The Debentures shall bear a 12% annual simple interest calculated on the principal amount, with any accrued but unpaid interest under the Debentures due and payable on the anniversary of the Debenture in either cash or Common Shares (at the option of the Corporation) with the number of Common Shares being determined by using the 10 day volume-weighted average price of the Common Shares on the TSX Venture Exchange on that date that is five days prior to the anniversary date (subject to the approval of the TSX Venture Exchange). The Debentures may be converted by the holder at any time following the date of issuance at a price of $0.10 per share and the Debentures may be repaid partially, or in full, by the Corporation to any or all of the subscribers at any time without penalty.
The Corporation intends to use the proceeds from the Offering to incur expenditures for: (i) product and service commercialization of the VMS(TM); (ii) clinical validation of VMS(TM) functionality, including applications for additional diagnoses and heart diseases; and (iii) for general working capital purposes and potentially to repay debt and outstanding payables.
All securities issued are subject to a four month hold period expiring February 23, 2014 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(TM) 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(TM) is for investigational use only in the United States and approved for clinical use in Canada and Europe.
For further information, please contact:
Dr. George Adams, CEO
Telephone: (206) 910-9125
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. 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 www.sedar.com. 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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