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