Neovasc Announces Partial Prepayment of Convertible Debenture
August 17 2020 - 09:00AM
via NEWMEDIAWIRE – Neovasc Inc. (“Neovasc” or the “Company”)
(NASDAQ, TSX: NVCN) announced today that Strul Medical Group LLC
(“SMG”) exercised 501,000 of the remaining 1,149,910 common share
purchase warrants (the “May Warrants”) issued pursuant to a
Securities Purchase Agreement dated May 26, 2020 at an exercise
price of US$2.634 per May Warrant for aggregate exercise proceeds
to the Company of US$1,319,634.00 (the “Exercise Proceeds”).
Using the Exercise Proceeds, the Company has prepaid a portion
of the convertible debenture (the “Note”) in the aggregate
principal amount of US$11,500,000 issued to SMG pursuant to a
private placement on May 13, 2019. The total aggregate amount of
the Exercise Proceeds has been applied to the prepayment of the
Note whereby US$1,263,884.57 has been applied to the
remaining US$7,886,658.88 principal of the Note,
US$25,277.69 has been paid as a prepayment penalty pursuant to the
terms of the Note and US$30,471.74 has been paid in accrued
interest. In connection with the prepayment of the Note, the
Company also issued to SMG 168,518 common share purchase warrants
(the “Repayment Warrants”) at an exercise price of US$7.50 per
Repayment Warrant in accordance with the terms of the Note.
As of August 14, 2020, after the impact of the recently
announced financing, the Company had 22,647,127 shares issued and
outstanding and the fully diluted share count was 37,331,314
(assuming all notes and warrants are fully converted and exercised
and without giving effect to the PIK interest).
About Neovasc Inc.
Neovasc is a specialty medical device company that develops,
manufactures and markets products for the rapidly growing
cardiovascular marketplace. Its products include Reducer, for the
treatment of refractory angina, which is not currently commercially
available in the United States and has been commercially available
in Europe since 2015, and Tiara, for the transcatheter treatment of
mitral valve disease, which is currently under clinical
investigation in the United States, Canada, Israel and Europe. For
more information, visit: www.neovasc.com.
InvestorsMike CavanaughWestwicke/ICR Phone:
+1.646.877.9641Mike.Cavanaugh@westwicke.com
MediaSean LeousWestwicke/ICR Phone:
+1.646.677.1839Sean.Leous@icrinc.com
Forward-Looking Statement Disclaimer
Certain statements in this news release contain forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 and applicable Canadian securities
laws that may not be based on historical fact. When used herein,
the words "expect", "anticipate", "estimate", "may", "will",
"should", "intend," "believe", and similar expressions, are
intended to identify forward-looking statements. Forward-looking
statements may involve, but are not limited to, expectations as to
the growing cardiovascular marketplace. Forward-looking statements
are based on estimates and assumptions made by the Company in light
of its experience and its perception of historical trends, current
conditions and expected future developments, as well as other
factors that the Company believes are appropriate in the
circumstances. Many factors could cause the Company's actual
results, performance or achievements to differ materially from
those expressed or implied by the forward-looking statements,
including those described in the "Risk Factors" section of the
Company's Annual Report on Form 20-F and in the Management's
Discussion and Analysis for the three months ended March 31, 2020
(copies of which may be obtained at www.sedar.com or www.sec.gov).
These factors should be considered carefully, and readers should
not place undue reliance on the Company's forward-looking
statements. The Company has no intention and undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
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