Urodynamix Technologies Ltd. Closes $1.5 Million Private Placement
Published: Sep 28, 2009
VANCOUVER, BRITISH COLUMBIA--(Marketwire - September 28, 2009) - Urodynamix Technologies Ltd. (TSX VENTURE: URO) is pleased to announce that it has closed a $1.5 million non-brokered private placement for 30,000,000 common shares previously reported on September 11, 2009. BC Advantage Funds (VCC) Ltd. subscribed for $750,000 and management and directors subscribed for $238,675 of the $1.5 million placement.
The Company will offer an additional 10,000,000 common shares to third parties at a price of $0.05. No commission was payable on the 15,000,000 common shares issued to BC Advantage Funds under the first closing of the private placement. The Company will pay a commission of up to 7.5% on sales of common shares to third parties. All of the common shares issued under the private placement are subject to a four month resale restriction.
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, erectile dysfunction, 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