CVR Medical Announces Closing of Temporary Warrant Exercise Price Amendment
VANCOUVER, BC / April 10, 2018 / CVR Medical Corp. CVR Medical Corp. (TSX.V:CVM) (FRANKFURT: B3BN) (OTCQB: CRRVF) (“CVR Medical”) today announced that the temporary warrant exercise price amendment expired at the close of business on April 6, 2018 (the “Amendment”). An aggregate of 2,518,600 warrants originally issued in the February and April, 2017 private placements (the “2017 Warrants”) were exercised for gross proceeds of $1,007,440. CVR Medical also issued a total of 2,518,600 new warrants (the “New Warrants”) to those holders that exercised their 2017 Warrants. The New Warrants have an exercise price of $1.50 and will expire on April 9, 2020. In the Amendment closing, CVR Medical paid finders’ fees of 5% cash (the “Compensation”) comprised of an aggregate cash commission of $22,811.14. The New Warrants and any common shares issued upon the exercise of the New Warrants are subject to a hold period expiring on August 10, 2018. The Amendment remains subject to final acceptance of the TSX Venture Exchange.
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
CVR Medical is a company that is involved in an equal parts joint venture with CVR Global Inc. (the “Joint Venture”). 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 Venture Exchange under the symbol CVM.
For further information contact:
Brisco Capital Partners Corp.
Scott Koyich, President
Telephone: (403) 262-9888
This press release contains forward-looking information that involves various risks and uncertainties regarding future events related to the Joint Venture and the proposed Financing. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements and are not guarantees of future performance of the Company. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with commercialization of technology and the practice of medicine, (3) a change in health regulations, (4) any number of events or causes which may delay or cease commercialization and development of the Joint Venture, (5) the risk that the Company or the Joint Venture does not execute its business plan, (6) inability to retain key employees, (7) inability to finance operations and growth, and (8) other factors beyond the Company’s control. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
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