Mr. Peter Bakema reports
CVR MEDICAL ANNOUNCES CLOSING OF
FIRST TRANCHE OF FINANCING
CVR Medical Corp. has closed
the first tranche of its previously announced non-brokered private placement
financing.
An aggregate of 840,000 units at a price of 40 cents per unit were issued in the first tranche for
gross proceeds of $336,000.
Net proceeds from the financing will be used by the company for continuing working capital requirements
relating to the joint venture described in the section about the company, specifically in regard to FDA (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 Feb. 26, 2019.
In the first 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 $9,840 and a total of 25,100 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 June 27,
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-part 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.
We seek Safe Harbor.
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