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Ventripoint closes private placement

VentriPoint Diagnostics Ltd. closed the second tranche of its non-brokered private placement with gross proceeds of C$400,000.

The company issued 2,666,667 units at 15 cents apiece in the second tranche.

Each unit comprised one common share and one common share warrant. Each warrant allows the holder to acquire one common share for 30 cents per share for a period of two years after issuance.

A subscriber in the second tranche accepted units as payment of outstanding consulting fees of the company in a shares-for-debt transaction, and as a result, the company's net debt was reduced by C$25,000. Ventripoint CEO George Adams also subscribed to 660,000 units in the second tranche.

Ventripoint closed the private placement with the issuance of a total of 4,666,667 units and generated total gross proceeds of C$700,000. It plans to use the proceeds for product development, sales and marketing and general working capital purposes.