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
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 Ltd
For further information:
President and CEO
450-973-6700, ext. 213
450-973-6700, ext. 242