Ergoresearch Ltd announces closing of a $6.36 million private placement equity offering
LAVAL, QC, April 25, 2013 /CNW Telbec/ - Ergoresearch Ltd. (TSXV: ERG) ("Ergoresearch") announce today that it has closed a private placement (the "Private Placement") of 10,258,065 common shares at a price of $0.62 per common share for gross proceeds of $6.36 million. Following closing of the Private Placement, 69,889,340 common shares are issued and outstanding. The securities issued under the Private Placement are subject to a four-month hold period ending on August 25th, 2013.
The proceeds of the Private Placement will be used for working capital purposes or if management think it is appropriate, to finance the transaction with Victhom Human Bionics Inc. announced yesterday.
Fasken Martineau DuMoulin LLP is acting as legal counsel to the Corporation.
This press release contains forward-looking statements relating to the use of proceeds of the Private Placement. Statements based on Ergoresearch's management's current expectations contain known and unknown inherent risks and uncertainties and no assurance can be given that potential future results or circumstances will be achieved or will occur. The reader should not place undue faith in forward-looking information. Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or circumstances.
Ergoresearch has developed Quebec's leading network of orthotics clinics, with over 100 corporate and satellite centres under the Clinique du pied Équilibre, Orthoconcept, Podotech and Laboratoire Langelier banners. The leading manufacturer of "intelligent" foot orthotics and specialty orthotics, it is a trend-setter in creating durable medical equipment and software for the orthopedics market. Ergoresearch has developed and commercialized Expert-Fit™, the first robotized custom-fit orthotics manufacturing software program, launched the first Living Lab in Canada and more recently, a new generation of world -patented orthotic device called the OdrA, that revolutionizes the treatment of pain associated with knee osteoarthritis. Ergoresearch Ltd is listed on the TSX Venture Exchange (TSXV) under the symbol ERG.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Ergoresearch LtdFor further information:
President and CEO
450-973-6700, ext. 213
450-973-6700, ext. 242