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QUEBEC CITY, May 17, 2016 /CNW Telbec/ - Opsens Inc. ("Opsens" or the "Company") (TSXV: OPS) (OTCQX: OPSSF) is pleased to announce it has completed a non-brokered private placement for gross proceeds of approximately $5,000,000 led by Lumira Capital LP, a fund specialized in health and life sciences, with offices in Toronto, Montreal, Boston and San Diego. Under the terms of the private placement, the Company issued a total of 4,761,000 units (the "Units") at a price of $1.05 per Unit.
Each Unit consists of one common share in the capital of Opsens and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"), with each Warrant entitling the holder thereof to purchase one common share at a price of $1.55 within 18 months from the closing date of the private placement.
The Company intends to use the net proceeds to execute its sales and marketing strategy for its products for Fractional Flow Reserve ("FFR"), to fund research and product development and to fund its working capital.
The private placement remains subject to the approval of the TSX Venture Exchange. All the securities to be issued according to the private placement will be subject to a four month and one day restriction period pursuant to the applicable securities legislation.
This press release does not constitute an offer of securities for sale in the United States or to "U.S. persons" ("U.S. persons"), as such term is defined in Regulation S promulgated under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"). The securities being offered have not been, nor will be, registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from such registration requirements.
Opsens focuses mainly on the measure of FFR in interventional cardiology. Opsens offers an advanced optical-based pressure guidewire (OptoWire) that aims at improving the clinical outcome of patients with coronary artery disease. Opsens is also involved in industrial activities. The Company develops, manufactures and installs innovative fibre optic sensing solutions for critical applications, such as the monitoring of oil wells and other demanding industrial applications.
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Opsens to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE OPSENS INC.
For further information: Thierry Dumas, CPA, CA, Chief Financial Officer, 418.781.0333; Louis Laflamme, CPA, CA, Chief Executive Officer, 418.781.0333