Mr. Peter Bakema reports
CVR MEDICAL ANNOUNCES CLOSING OF
FINAL TRANCHE OF FINANCING
CVR Medical Corp. has closed
the final tranche of its previously announced non-brokered private placement
financing.
An aggregate of 1,281,646 units at a price of 40 cents per unit were issued in the final tranche for
gross proceeds of $512,658.40.
Net proceeds from the financing will be used by CVR Medical for continuing working capital requirements
relating to the joint venture described below, specifically in regard to United States Food and Drug Administration applications and clinical trials.
Each unit consists of one common share of CVR Medical and one-half of one transferable
common share purchase warrant. Each warrant is exercisable at a
price of 70 cents until March 21, 2019.
In the final tranche closing, CVR Medical paid finders' fees of 6 per cent in cash and 6 per cent in compensation warrants, comprising an aggregate cash commission of $28,800 and a total of
72,000 compensation warrants. The compensation warrants have substantially the same terms as the
warrants but are not transferable.
The shares, the warrants and the compensation warrants are subject to a hold period expiring July 22,
2018. The financing remains subject to final acceptance of the TSX Venture Exchange.
About CVR Medical Corp.
CVR Medical is a company that is involved in an equal parts joint venture with CVR Global Inc. The joint venture operates in the medical industry focused on the commercialization of a proprietary subsonic, infrasonic and low-frequency sound wave analysis technology, and has patents to a diagnostic device designed to detect and measure carotid arterial stenosis. CVR Medical is managed by a proven technical team. CVR Medical trades on the TSX-V under the symbol CVM.
We seek Safe Harbor.
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