VANCOUVER, BC / ACCESSWIRE / March 20, 2017 / CVR Medical Corp. (TSX.V:CVM) (FRANKFURT: B3BN) (OTCQB: CRRVF) (“CVR Medical“) a leading research and development company aiming to make arterial diagnostic testing significantly more accessible with its “Carotid Stenotic Scan (CSS)” device, is pleased to announce its intention to complete an institutionally led non-brokered private placement financing for gross proceeds of up to $5,000,000 (the “Financing“). The Financing will consist of 11,111,112 units at a price of $0.45 per unit. Each unit will be comprised of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant will be exercisable to acquire one common share of CVR Medical at a price of $0.70 per share for a period of eighteen months following the closing of the Financing. The net proceeds from the Financing will be used for R&D, tertiary clinical trials, pivotal clinical trials, preparation for FDA submission, and operations relating to the joint venture described below. This includes the current clinical trials being lead by Dr. David J. Whellan at Thomas Jefferson University. Echelon Wealth Partners will act as finder for the Financing.
The Financing is non-brokered. CVR Medical intends to pay broker commissions or finder’s fees of up to 6.0% in cash and 6.0% in warrants in connection with the Financing. Certain directors, officers and insiders of the Company may participate in the Financing. 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 and one day 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.
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