VentriPoint to Raise Funds Through Convertible Debentures

VentriPoint Diagnostics (TSE:VPT) has released an update.

VentriPoint Diagnostics Ltd. is set to raise up to CDN$3 million through a non-brokered private placement of convertible debentures, with potential upsizing based on market conditions and Exchange approval. These debentures, maturing in three years and convertible into common shares at CDN$0.25 each, will accrue interest at an annual rate of 10%, payable semi-annually. Automatic conversion into common shares is triggered if stock prices exceed the conversion price by 100% for five consecutive days, with additional warrants issued upon conversion.

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