Mr. Peter Bakema reports
CVR MEDICAL ANNOUNCES PROPOSED FINANCING
CVR Medical Corp. intends to complete a
private placement financing for gross proceeds of up to $2-million, which is expected
to consist of units, with each unit comprising one common share and one-half of one common share
purchase warrant at a price of 40 cents per unit, or such other price per unit determined by CVR Medical
management in compliance with TSX Venture Exchange pricing regulations. Each
whole share purchase warrant will be exercisable to acquire one common share of CVR Medical at a price
of 70 cents per share for a period of 12 months following the closing of the financing.
The financing is non-brokered. CVR Medical intends to pay finders' fees of up to 6 per cent in cash and 6 per cent in
warrants in connection with the financing. Certain directors, officers and insiders of CVR Medical may
participate in the financing. Proceeds from the financing are expected to be used for continuing working
capital requirements relating to the joint venture described below, specifically in regard to Food and Drug Administration
applications and clinical trials.
Completion of the financing is subject to exchange acceptance, and all securities issued pursuant to the
financing will be subject to a hold period of four months as required under applicable securities legislation.
The securities referred to herein will not be or have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements.
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.
We seek Safe Harbor.
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