CVR Medical Corp. announces the closing of a capital increase
Vancouver, British Columbia – (Newsfile Corp. – Dec 23, 2021) – CVR Medical Corp. (TSXV: CVM) (OTC Pink: CRRVF) (“Medical CVR“or the”Society” Where “we“) a listed US-based Canadian healthcare company in the medical devices market is pleased to announce the closing of a first tranche of a non-middleman private placement (the”Offer“) subject to final regulatory approval by the TSX Venture Exchange (the”Exchange“).
The closing consisted of 3,850,000 units at a price of C $ 0.030 per unit for gross proceeds of C $ 115,500, following the acceptance by the Exchange of the Company’s request for discretionary waiver of the minimum price requirement of $ 0.05. Pursuant to the offering, each unit consists of one common share of the Company and one transferable common share purchase warrant exercisable to acquire one additional common share of the Company for a period of five years from issue at price of $ 0.12 per share. The proceeds of the Offering will be used for the costs of the Annual General Meeting and related filing fees and expenses in order to maintain the filing and reporting obligations of the Company. The Closing of the Offer is a necessary first step to relaunch operations under new management, with the ultimate objective of commercializing the Carotid Stenotic Scan device.
Common shares and warrants will be subject to a four-month hold period expiring April 24, 2022 under applicable Canadian securities laws and stock exchange rules. The Offer may be closed in additional installments, now that conditional approval of the Exchange has been received, subject to customary closing conditions, including final approval of the Exchange.
The securities referred to in this document 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 operating in the medical device industry focused on the commercialization of its proprietary and revolutionary carotid stenosis analysis device (“CSSThe CSS is a diagnostic tool that encompasses the analysis technology of subsonic, infrasonic and low frequency sound waves. The CSS is a patented device designed to detect and measure carotid artery stenosis. CVR Medical are listed on the OTCQX under the symbol “CRRVF. The Company is listed for trading under the symbol “CVM.” Additional information relating to the Company can be found in our recent SEDAR filings as well as the information maintained on our website at www.cvrmed.com.
ON BEHALF OF THE BOARD:
(signed) Paul Blunden, MD
President and Director, Interim CEO and Chief Financial Officer
For more information contact:
Paul Blunden, MD, President / Director, CEO and Interim CFO
Email: [email protected]
This press release contains forward-looking information that involves various risks and uncertainties regarding future events relating to: the proposed Offer, certain requirements of company and securities law, the raising of capital and potential litigation. Such statements are subject to risks and uncertainties which may cause actual results, performance or developments to differ materially from those contained in the statements and are not guarantees of the 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 derive from them. These forward-looking statements reflect the current opinions of management 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 forward-looking statements, including: (1) a material failure or setback of the Company satisfying the conditions required by the TSX Venture Exchange; (2) a failure of the Company to raise sufficient capital to relaunch the Company; (3) an inability to complete the proposed Offer; (4) a slowdown in general economic conditions in North America and internationally; (5) the inherent uncertainties and speculative nature associated with the commercialization of technology and the practice of medicine; (6) a change in health regulations; (7) any number of events or causes likely to delay or stop the marketing and development of the CSS device; (8) the risk that the Company will not execute its business plan; (9) the risk of litigation between the Company and certain shareholders and the risk of litigation in general; (10) an inability to retain key employees; (11) an inability to finance operations and growth; (12) compliance with certain requirements of company and securities laws; and (13) other factors beyond the control of the Company. These forward-looking statements are made as of the date of this press 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 differ. of those projected in the forward-looking statements.
THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED OR REJECTED THE CONTENT OF THIS RELEASE. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICES PROVIDER (AS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS COMMUNICATION.
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