VANCOUVER, BC / ACCESSWIRE / February 23, 2017 / CVR Medical Corp. CVR Medical Corp. (TSX.V:CVM) (FRANKFURT: B3BN) (OTCQB: CRRVF) (“CVR Medical“) is pleased to report that it has closed its previously announced non-brokered private placement financing for gross proceeds of $2,500,000 (the “Financing”).
An aggregate of 7,142,858 units (“Units“) were issued at a price of $0.35 per Unit. Net proceeds will be used by the Company for working capital in respect of the Company’s joint venture with CVR Global Inc. Each Unit consists of one common share of the Company (each, a “Share“) and one-half of one transferable common share purchase warrant (each, whole warrant, a “Warrant“). Each Warrant is exercisable at a price of $0.70 until August 22, 2018.
In connection with the Private Placement, the Company paid finders fees of a 6% cash and 6% compensation warrants (the “Compensation Warrants“) comprised of an aggregate cash commission of $94,034.71 and a total of 257,639 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 23, 2017. The Financing 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.
For additional information on the organization, leadership, and current news please visit the newly launched company website www.CVRMed.com
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