Ventripoint Announces Conversion of All Outstanding Debentures and Exercise of Warrants
Toronto, Ontario - March 29, 2017 - Ventripoint Diagnostics Ltd. (“Ventripoint” or the “Corporation”) (TSXV:VPT) announces that it is now “debt free” due to the conversion of all outstanding debentures previously issued by the Corporation (the “Debentures”). Overall with the shares for debt (see NR March 22, 2017) and other conversions, the debenture holders converted all the outstanding $728,000 of debt into 2,682,292 Common Shares (“Common Share”) and 1,753,375 Common Share purchase Warrants (“Warrant”). Each Warrant will entitle the holder thereof to acquire one additional Common Share at a price of $0.50 per Common Share for a period of 2 years after the issuance of the Warrant.
“This is the first time since 2008 that the Corporation has been debt free,” stated Dr. George Adams, CEO of Ventripoint. “The extinguishing of this debt will save the Corporation about $85,000 a year in interest payments.”
The Common Shares and the Warrants acquired by the debenture holders are subject to a hold period of four months plus one day from the date of issuance.
The Corporation also announces that over the last 3 weeks it has issued 4,026,924 shares due to the exercise of warrants, at an exercise price of between $.15 and $.40, for a total amount received of $833,155. The Common Shares issued due to these warrant exercises are free-trading.
The funds from the warrant exercise along with the recently completed private placement will be used for sales and marketing, development and general working capital purposes.
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.
Forward Looking Statements:
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. The forward-looking statements and information are based on certain key expectations and assumptions made by the Corporation. 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. Certain 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.