Heart tech firm VentriPoint Diagnostics now debt free

(Before It's News)

Heart monitoring tech firm VentriPoint Diagnostics (CVE:VPT) said it was now debt free, having converted all outstanding debentures previously issued.

In all, totting up all conversions, the debenture holders converted all the outstanding $728,000 of debt into over 2.6mln shares and around 1.753mln share purchase warrants.

“This is the first time since 2008 that the corporation has been debt-free,” Dr George Adams, chief executive officer, told investors.

“The extinguishing of this debt will save the corporation about $85,000 a year in interest payments.”

Each warrant entitles the holder to buy a further share at 5o cents each for two years after the warrants are issued.

Last week VentriPoint said it had closed its placing and raised $3.36mln in the process to be used for marketing its VMS-Plus monitoring product.

The firm issued over 10.4mln units at 32 cents each for total gross proceeds of $3,359,020, it said.

Story by ProactiveInvestors

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