Ventripoint Diagnostics Ltd (CVE:VPT) (OTCMKTS:VPTDF) has increased its previously announced non-brokered private placement to $1.5 million from $1 million due to investor demand.
The proceeds will be used for sales and marketing, development and general working capital, the Toronto-based, heart-focused medtech company said in a statement.
The company has closed the order book on the offering and intends to complete the offering of debenture units at $1,000 per unit by January 25 this year.
Each unit of the offering will include a principal amount of C$1,000 in convertible, unsecured debentures maturing in three years, as well as 6,000 common share purchase warrants, with each warrant exercisable for one common share at C$0.175 per share for 18 months.
The debentures will have an annual interest rate of 6.5%, and the company may pay a finder's fee of up to 7% of the gross proceeds.
Ventripoint uses an artificial intelligence (AI) method known as knowledge-based reconstruction to create applications monitoring heart disease.
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