By Sheri Kasprzak
New York, Feb. 14 - Medical Ventures Corp. said it has settled a C$7.5 million private placement, including the fully exercised greenshoe.
The company sold 18.75 million units at C$0.40 each.
The units consist of one share and one half-share warrant. The whole warrants are exercisable at C$0.65 each for two years.
A syndicate of underwriters led by Sprott Securities Inc. and including Canaccord Capital Corp. exercised the greenshoe for 3.75 million units.
The offering was priced Jan. 19 as a C$4.5 million offering of 11.25 million units. It was later upsized to C$6 million.
Proceeds will be used for general corporate purposes.
Based in Vancouver, B.C., Medical Ventures is a medical device company focused on medical technologies to treat cardiovascular disorders.
| Issuer: | Medical Ventures Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$7.5 million
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| Units: | 18.75 million (includes greenshoe for 3.75 million units)
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| Price: | C$0.40
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.65
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| Underwriters: | Sprott Securities Inc. (lead), Canaccord Capital Corp.
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| Pricing date: | Jan. 19
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| Settlement date: | Feb. 14
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| Stock symbol: | TSX Venture: MEV
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| Stock price: | C$0.50 at close Jan. 19
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| Stock price: | C$0.59 at close Feb. 14
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