VVT Med (VVTM.V) completed the second tranche of its non-brokered private placement offering of units, raising $1.9 million in total, it said in a statement late Thursday.
The company issued 7.5-million units at $0.25 apiece in total. The second tranche included the issuance of 3.3-million units at $0.25 apiece for $819,440.
Each unit consists of one share and one-half of one two-year warrant, with each warrant exercisable into one share at $0.375. Proceeds will be used to support expanded US and global commercialization efforts, product manufacturing to accommodate anticipated demand, working capital and general corporate needs, it said.
The company also closed its debt settlement with various of its creditors. It had entered into debt settlement agreements to settle CA$212,939.76 of debt owed to the creditors by issuing an aggregate of 741,096 common shares, of which 280,000 were issued at CA$0.25 per share and 461,096 were issued at CA$0.31 per share.
Shares of the company were last seen down 5% at CA$0.19 on the TSX Venture Exchange.
Price: $0.19, Change: $-0.01, Percent Change: -5.00%