$NVCN Neovasc Announces Receipt of US$7.1 Million
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Posted On: 04/12/2018 8:33:18 AM
$NVCN Neovasc Announces Receipt of US$7.1 Million from Exercise of Series C Warrants
NASDAQ, TSX: NVCN
VANCOUVER , April 11, 2018 /CNW/ - Neovasc Inc. ("Neovasc" or the "Company" (NASDAQ, TSX: NVCN), a leader in the development of minimally invasive transcatheter mitral valve replacement technologies and the Neovasc Reducer™ (the "Reducer" therapy for Refractory Angina, today announced that it has received US$7,132,488 in proceeds from investor initiated exercises of 4,885,266 of the Series C warrants (the "Series C Warrants"issued pursuant to the November 2017 underwritten public offering (the "2017 Public Transaction".
"This receipt into Treasury is significant. We believe it is sufficient to substantially fund the Company for an additional four months at our current burn rate, until approximately early 2019, and increases our current cash on hand by almost 60%," commented Chris Clark , Chief Financial Officer of Neovasc.
10,273,972 Series C Warrants were originally issued in the 2017 Public Transaction, and 5,388,706 remain issued and outstanding at the close of business on April 11, 2018 . Each Series C Warrant may be exercised at an exercise price equal to US$1.46 (subject to adjustment) at any time prior to 11:59 p.m. ( New York time) on November 18, 2019 for a Series C unit (a "Series C Unit", with each Series C Unit being comprised of one common share of the Company (each, a "Common Share", one Series A warrant (a "Series A Warrant" and one Series B warrant (a "Series B Warrant".
For details concerning the terms of the securities issued pursuant to the 2017 Public Transaction and concurrent private placement (together with the 2017 Public Transaction, the "2017 Financings", including the Series C Warrants, Series A Warrants and Series B Warrants, see the prospectus supplement dated November 10, 2017 and the forms of such securities filed on SEDAR at www.sedar.com and with the SEC at www.sec.gov. For a description of the risks associated with these securities, including dilution to shareholders due to exercises or conversions of the Company's outstanding warrants and convertible notes, and the Company's need for significant additional funding, among other things, see the Company's Annual Information Form, which is available on SEDAR at www.sedar.com and on Form 6-K furnished to the SEC at www.sec.gov.
There are 1,012,848,282 Common Shares issued and outstanding at the close of business on April 11, 2018 .
About Neovasc Inc.
Neovasc is a specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular marketplace. Its products include the Reducer, for the treatment of refractory angina, which is not currently available in the United States and has been available in Europe since 2015, and the Tiara™ (the "Tiara", for the transcatheter treatment of mitral valve disease, which is currently under clinical investigation in the United States , Canada and Europe . For more information, visit: www.neovasc.com.
Read More: https://investorshangout.com/post/view?id=500...z5CSdjwnIA
NASDAQ, TSX: NVCN
VANCOUVER , April 11, 2018 /CNW/ - Neovasc Inc. ("Neovasc" or the "Company" (NASDAQ, TSX: NVCN), a leader in the development of minimally invasive transcatheter mitral valve replacement technologies and the Neovasc Reducer™ (the "Reducer" therapy for Refractory Angina, today announced that it has received US$7,132,488 in proceeds from investor initiated exercises of 4,885,266 of the Series C warrants (the "Series C Warrants"issued pursuant to the November 2017 underwritten public offering (the "2017 Public Transaction".
"This receipt into Treasury is significant. We believe it is sufficient to substantially fund the Company for an additional four months at our current burn rate, until approximately early 2019, and increases our current cash on hand by almost 60%," commented Chris Clark , Chief Financial Officer of Neovasc.
10,273,972 Series C Warrants were originally issued in the 2017 Public Transaction, and 5,388,706 remain issued and outstanding at the close of business on April 11, 2018 . Each Series C Warrant may be exercised at an exercise price equal to US$1.46 (subject to adjustment) at any time prior to 11:59 p.m. ( New York time) on November 18, 2019 for a Series C unit (a "Series C Unit", with each Series C Unit being comprised of one common share of the Company (each, a "Common Share", one Series A warrant (a "Series A Warrant" and one Series B warrant (a "Series B Warrant".
For details concerning the terms of the securities issued pursuant to the 2017 Public Transaction and concurrent private placement (together with the 2017 Public Transaction, the "2017 Financings", including the Series C Warrants, Series A Warrants and Series B Warrants, see the prospectus supplement dated November 10, 2017 and the forms of such securities filed on SEDAR at www.sedar.com and with the SEC at www.sec.gov. For a description of the risks associated with these securities, including dilution to shareholders due to exercises or conversions of the Company's outstanding warrants and convertible notes, and the Company's need for significant additional funding, among other things, see the Company's Annual Information Form, which is available on SEDAR at www.sedar.com and on Form 6-K furnished to the SEC at www.sec.gov.
There are 1,012,848,282 Common Shares issued and outstanding at the close of business on April 11, 2018 .
About Neovasc Inc.
Neovasc is a specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular marketplace. Its products include the Reducer, for the treatment of refractory angina, which is not currently available in the United States and has been available in Europe since 2015, and the Tiara™ (the "Tiara", for the transcatheter treatment of mitral valve disease, which is currently under clinical investigation in the United States , Canada and Europe . For more information, visit: www.neovasc.com.
Read More: https://investorshangout.com/post/view?id=500...z5CSdjwnIA
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