By Sheri Kasprzak
Atlanta, June 20 - World Heart Corp. said it has arranged a private placement for $12,015,000 to partially fund its acquisition of MedQuest Products, Inc.
The Oakland, Calif.-based medical device company plans to sell 8.9 million shares at $1.35 each to Maverick Venture Management, LLC.
The acquisition of MedQuest will close after the company receives shareholder approval. MedQuest is a Salt Lake City-based medical device company focused on the development of a ventricular assist device.
If World Heart's debentureholders exercise warrants for 10.7 million shares, World Heart will receive $10.7 million in proceeds. Those proceeds will also be used for the acquisition.
| Issuer: | World Heart Corp.
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| Issue: | Stock
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| Amount: | $12,015,000
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| Shares: | 8.9 million
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| Price: | $1.35
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| Warrants: | No
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| Investor: | Maverick Venture Management, LLC
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| Pricing date: | June 20
|
| Stock price: | $1.07 at close June 20
|
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