By Laura Lutz
Des Moines, April 24 - Medical Ventures Corp. completed a private placement of units for C$7,741,822.
The company sold 38,709,110 units of one share and one half-share transferable warrant at C$0.20 per unit. Each whole warrant will be exercisable at C$0.25 for 18 months.
The deal was underwritten by a syndicate led by Cormark Securities Inc. and including Blackmont Capital Inc.
Proceeds will be used to fund clinical trials and commercialization of the company's Metricath system as well as for working capital.
Medical Ventures is a Richmond, B.C.-based medical device company.
| Issuer: | Medical Ventures Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$7,741,822
|
| Units: | 38,709,110
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.25
|
| Underwriters: | Cormark Securities Inc. (lead), Blackmont Capital Inc.
|
| Settlement date: | April 24
|
| Stock symbol: | TSX Venture: MEV
|
| Stock price: | C$0.18 at close April 24
|
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