Company to complete offering as part of planned qualifying transaction
By Devika Patel
Knoxville, Tenn., May 1 – Ovid Capital Ventures Inc. said it will raise between C$1.13 million and C$1.5 million in a private placement of units, which will be conducted on a commercially reasonable efforts basis in connection with the company’s qualifying transaction with BIOflex Medical Magnetics, Inc. Jones, Gable & Co. Ltd. is the agent.
The company will sell between 10 million and 13,333,334 units of one common share and one one-year warrant at C$0.30 per unit.
The warrants will each be exercisable at C$0.15, which is identical to the April 30 closing share price.
Settlement is expected May 29.
Ovid is a Montreal-based capital pool company. BIOflex is a private medical device company.
| Issuer: | Ovid Capital Ventures Inc.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$1,125,000 (minimum), C$1.5 million (maximum)
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| Units: | 10 million (minimum), 13,333,334 (maximum)
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| Price: | C$0.1125
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| Warrants: | One warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.15
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| Agent: | Jones, Gable & Co. Ltd.
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| Pricing date: | May 1
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| Settlement date: | May 29
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| Stock symbol: | TSX Venture: OCA.P
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| Stock price: | C$0.15 at close April 30
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| Market capitalization: | C$1.81 million
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