VANCOUVER, BRITISH COLUMBIA--(Marketwire - 09/11/09) - Urodynamix Technologies Ltd. (TSX-V:URO - News) is pleased to announce that it is raising a minimum of $1,500,000 through the issuance of 30,000,000 common shares of the Company at a price of $0.05 per common share. BC Advantage Funds has provided the Company with a lead order of $750,000.
The Company may over allot the private placement to raise a maximum of $2,000,000. The Company will pay a commission of up to 7.5% on sales of common shares to third parties. There is no commission payable on the investment by current shareholders, including BC Advantage Funds.
The securities issued by this non-brokered private placement will be subject to a four month hold from the date of closing and the placement is subject to regulatory approval. Proceeds from this private placement will be used to accelerate the sales of the Company's uroNIRS 2000, a non-invasive diagnostic approved for the diagnosis of urological conditions, and for general working capital purposes.
"We are pleased to announce this private placement with the support and participation from our major shareholders and management team. This financing will provide the Company with sufficient resources to execute on our business plan, specifically to accelerate the sales of our uroNIRS 2000 in the USA and to drive the Company to profitability." said Barry Allen, President and Chief Executive Officer. "The Company has taken steps to significantly reduce its cash burn and has narrowed its focus to products that it believes will have significant near term financial impact."
About Urodynamix Technologies Ltd.
Urodynamix Technologies is a Canadian medical device company developing and commercializing non-invasive medical technology based on proprietary applications of near-infrared spectroscopy (NIRS). The Company is currently focused on products that aid in the diagnosis and treatment of urinary incontinence, lower urinary tract symptoms, prostate cancer, benign prostatic hyperplasia, and traumatic increases in intra-abdominal pressure that cause abdominal compartment syndrome. Urodynamix's breakthrough medical technology has the potential to beneficially affect more than 200 million people worldwide.
Certain information contained in this press release may be forward-looking and is subject to unknown risks, which could cause actual results to differ materially from those set forth or implied herein. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Urodynamix Technologies Ltd.
Chief Financial Officer