Mr. Hugh MacNaught reports
VENTRIPOINT ISSUES SHARES FOR PAYMENT OF DEBENTURE INTEREST
Ventripoint
Diagnostics
Ltd. has received approval from the TSX Venture Exchange and issued of 601,115 common shares to pay an aggregate of $72,143 of interest owing on certain outstanding convertible debentures issued by the corporation on May 10, 2024, June 28, 2024, and Dec. 16, 2024. The convertible debentures bear interest at the rate of 10 per cent per annum, payable every six months. The shares will be issued at a deemed price of (12 cents), subject to the approval of TSX-V, and are subject to a hold period of four months and one day. The issuance of the shares will not create a control person of the corporation.
The issuance of the shares is a related party transaction within the meaning of TSX-V Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions as certain insiders of the corporation will receive an aggregate of 48,383 common shares of the corporation. The corporation is relying on exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and (b) and 5.7(a) and (b) of MI 61-101, as the corporation is not listed on a specified market and the fair market value of the participation in the transactions by insiders does not exceed 25 per cent of the market capitalization of the corporation, as determined in accordance with MI 61-101 and the fair market value of the transactions is not more than $2.5-million.
About
Ventripoint
Diagnostics
Ltd.
Ventripoint has become an industry leader in the application of artificial intelligence to echocardiography. Ventripoint's VMS products are powered by its proprietary knowledge-based reconstruction technology, which is the result of a decade of development
and
provides
accurate
volumetric
cardiac
measurements
equivalent
to
MRI.
We seek Safe Harbor.
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