VANCOUVER, BC / March 21, 2019 / CVR Medical Corp. CVR Medical Corp. (TSX.V:CVM) (FSE: B3BN) (OTCQB: CRRVF) (“CVR Medical” or the “Company”) is pleased to announce a non-brokered private placement financing (the “Financing”).

The Financing consists of units of the Company (each, a “Unit”) being issued at a price of CAD$0.25 per Unit for gross proceeds of up to US$2.5 million, with each Unit comprised of one common share (each, a “Share”) and one common share purchase warrant (each, a “Warrant”). Each Warrant is exercisable for one additional Share at a price of CAD$0.36 for a period of five years provided that if on any ten (10) consecutive trading days at any time after the date that is four months and one day from issuance, the daily closing price of the Shares on the TSX Venture Exchange is at or greater than CAD$0.50, CVR Medical may provide notice to the holder of the early expiry (the “Notice”) and thereafter, the Warrants will expire on the date that is thirty (30) calendar days after the date of the Notice.

CVR Medical intends to pay finder’s fees of up to 6% in cash and 6% in finder’s warrants in connection with the Financing. The Company expects to us the net proceeds from the Financing for ongoing working capital requirements relating to the development and commercialization of the proprietary subsonic, infrasonic, and low frequency sound wave analysis technology and diagnostic device designed to detect and measure carotid arterial disease, known as the CSS device.

Completion of the Financing is subject to TSX Venture 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

CVR Medical Corp. is a healthcare company that operates in the medical device industry focused on the commercialization of its disruptive, proprietary CSS Device. The CSS device is a diagnostic tool that encompasses subsonic, infrasonic, and low frequency sound wave analysis technology. The CSS Device is a patented device designed to detect and measure carotid arterial stenosis. CVR is currently in pivotal clinical trials in preparation for its planned submission to the FDA. CVR is led by an experienced and proven team of professionals with extensive healthcare, medical device, international expansion, regulatory and sales experience. CVR Medical trades on the TSX Venture Exchange under the symbol CVM. Additional information regarding the Company can be found in our recent filings with the SEDAR as well as the information maintained on our website at www.cvrmed.com

ON BEHALF OF THE BOARD:                                                                                                                                                                  (signed) Peter Bakema                                                                                                                                                                                  CEO, President & Director

For further information contact:                                                                                                                                                                Peter Bakema, CEO, President and Director                                                                                                      Email: info@cvrmed.com                                                                                                                                                                                  or                                                                                                                                                                                                                        Marc S. Lubow.                                                                                                                                                                                                  Vice President Capital Markets, Investor Relations                                                                              Email: marclubow@cvrmed.com

 

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.
THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.