Ovid Capital plans C$2.3 million private placement of units or stock

Deal conducted in connection with qualifying transaction with iTech

By Devika Patel

Knoxville, Tenn., April 19 - Ovid Capital Ventures Inc. said it plans to price a C$2.3 million private placement of units or shares. The deal will be brokered and is being conducted in connection with the company's planned qualifying transaction with iTech Medical, Inc.

The company will sell the securities at a minimum price of C$0.20 per share or unit.

The qualifying transaction will result in a reverse take-over of Ovid by the shareholders of iTech.

Proceeds will be used for the further development of the company's Nixon Fork mine and for general working capital.

The capital pool company is based in Montreal.

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