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Neovasc grosses $11.5mm through debt and share offerings

Executive Summary

Neovasc Inc. (developer minimally invasive devices for transcatheter mitral valve replacement (Tiara) and refractory angina (Neovasc Reducer)) grossed $11.5mm through the sale of debt and common shares to Strul Medical Group. It sold Strul a 15% original issue discount convertible debenture for gross proceeds of $9.8mm. The debt matures in four years with interest of 8% for the first year and 10% for the following three years, with 3% of the total interest accruing each year and becoming payable at the end of the term. Strul can convert the debt at $0.75 per common share for the first two years, $0.85 for the third year, and $0.97 for the final year. Neovasc also grossed $1.7mm through the sale of 3.45mm common shares at $0.515 each to Strul. The proceeds will support R&D and commercial activities.
Deal Industry
  • Medical Devices
    • Implantable Devices
    • Surgical Equipment & Devices
      • Minimally or Less Invasive
Deal Status
  • Final
Deal Type
  • Financing
    • Private Placement
    • Nonconvertible Debt

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