-- VVT Med (VVTM.V) completed the first tranche of its previously announced non-brokered private placement offering for gross proceeds of up to $3 million, having issued 4,262,654 units at a price of $0.25 each for gross proceeds of $1.065 million, it said Wednesday.
Each unit consists of one common share and one-half of one common share purchase warrant with each whole warrant exercisable into one common share at an exercise price of $0.375 per warrant share for a two-year period from the date of issuance, it added.
Proceeds will be used to support expanded U.S. and global commercialization efforts, product manufacturing to accommodate anticipated demand, working capital and general corporate needs, it said, before adding closing it anticipates closing a second tranche of the offering in due course.
The company's shares last traded Apr. 20, closing at $0.23 on the TSX Venture Exchange.