Medipattern has entered into an agreement in which Toronto-based investment firm Research Capital would purchase 4.7 million common shares from Medipattern at $1.10 Canadian (98¢ U.S.) per share.
The transaction would raise $5.2 million ($4.6 million) for the Toronto-based computer-aided detection (CAD) software developer.
Research Capital also will have an option to purchase an additional 15% of common shares for $5.9 million ($5.2 million) for 30 days following the close of the first transaction.
Medipattern plans to use proceeds from the deal to expand its capacity, as well as for working capital and general corporate purposes.
By AuntMinnie.com staff writers
July 13, 2007
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