Company to complete offering as part of planned qualifying transaction
By Devika Patel
Knoxville, Tenn., June 5 – Ovid Capital Ventures Inc. said it will raise between C$2.55 million and C$3 million in a private placement of units, which will be conducted on a best-efforts basis in connection with the company’s qualifying transaction with iTech Medical, Inc.
The company will sell between 12.75 million and 15 million units of one common share and one half-share warrant at C$0.20 per unit.
The warrants will be exercisable at C$0.30 for two years. The strike price is a 100% premium to the June 4 closing share price of C$0.15.
Jones, Gable & Co. Ltd. is the agent.
Proceeds will be used for costs of the qualifying transaction, operating expenses, including research and development and marketing expenses, and working capital. The company expects to close the qualifying transaction on July 31.
Ovid is a Montreal-based capital pool company.
| Issuer: | Ovid Capital Ventures Inc.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$2.55 million (minimum), C$3 million (maximum)
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| Units: | 12.75 million (minimum), 15 million (maximum)
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| Price: | C$0.20
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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$0.30
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| Agent: | Jones, Gable & Co. Ltd.
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| Pricing date: | June 5
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| Stock symbol: | TSX Venture: OCA.P
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| Stock price: | C$0.15 at close June 4
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| Market capitalization: | C$1.63 million
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