Neovasc announced that it entered into agreements for the sale of its common shares worth approximately $6.1 million.
Vancouver, Canada-based Neovasc sold an aggregate of more than 6.2 million common shares at a purchase price of 98¢ per share in the registered direct offering, according to a news release.
Aggregate proceeds are expected to come in at approximately $6.1 million before deducting fees and estimated expenses. Subject to closing conditions, the company expects to close the offering on or about Dec. 10.
In the offering, each common share is being sold with one common share purchase warrant that entitles the holder to one common share at an exercise price of about 86¢ any time prior to the date which is 5.5 years after the date of issuance.
Neovasc plans to use the proceeds collected in the offering to develop and commercialize its Neovasc Reducer for treating refractory angina, as well as for the development of the Tiara mitral valve repair device, along with general corporate and working capital purposes.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
