|By Marketwired .||
|February 12, 2014 06:38 PM EST||
SYDNEY, AUSTRALIA -- (Marketwired) -- 02/12/14 -- Simavita Limited ("Simavita" or the "Company") (TSX VENTURE:SV) today announced it has issued 1,154,245 common share purchase warrants (the "Broker Warrants") to Lodge Corporate Pty Ltd, which Broker Warrants are exercisable at a price of A$0.41 per share until December 3, 2016. These Broker Warrants are issued in connection with: (a) the completion of the prospectus offering by Simavita Holdings Limited (predecessor to the Company) (previously announced December 3, 2013) whereby A$13.9 million was raised, and (b) the completion of the prospectus offering in Australia (previously announced February 10, 2014), whereby A$400,000 was raised, with a total of 990,159 CHESS Depositary Interests ("CDIs") subscribed for at an issue price of A$0.41 per CDI.
In connection with a U.S. exclusive distribution agreement entered into on October 10, 2012,as amended, with Medline Industries, Inc. ("Medline"), Simavita has issued a total of 4,044,122 non-transferable common share purchase warrants (the "Medline Warrants"), whereby the first tranche of 1,155,298 Medline Warrants vest immediately at an exercise price of Cdn$0.42 per share, the second tranche of 1,444,412 Medline Warrants will vest, subject to the satisfaction of certain performance requirements, on January 1, 2015 at an exercise price of the greater of Cdn$0.504 per share or the 30-day VWAP, and the third tranche of 1,444,412 Medline Warrants will, subject to the satisfaction of certain performance requirements, vest on January 1, 2016 at an exercise price of the greater of Cdn$0.604 per share or the 30-VWAP. All Medline Warrants expire on January 31, 2019.
For further information, please check our website (www.simavita.com).
Simavita is a medical device company that has developed an innovative, world first solution for the management of urinary incontinence, with a focus on the elderly. The first product is the SIM(TM) platform technology which is an instrumented incontinence assessment application that provides evidence based incontinence management care plans to the residential aged care market.
SIM(TM) is a wireless sensor technology that delivers evidence-based instrument incontinence data on individuals. SIM(TM) provides user friendly tools and software to assess the incontinence condition and to help plan better outcomes. SIM(TM) is used to detect, record and report incontinence events during a compulsory or recommended assessment period in residential aged care facilities to develop an evidence-based incontinence care plan.
Conducting assessments is mandatory in many countries and the incontinence assessment creates an influential element of care of each individual. For more information on Simavita or SIM(TM), please visit www.simavita.com.
The TSX Venture Exchange has in no way passed upon the merits of the transactions set out herein and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange not its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release.
Except for historical information, this news release may contain forward-looking statements that reflect the Company's expectation regarding future events. These forward-looking statements involve risk and uncertainties, which may cause, but are not limited to, changing market conditions, the successful completion of the listing of Simavita's CDIs on the Official List of the ASX, uncertainties related to the regulatory approval process, and other risks detailed from time to time in the Company's ongoing quarterly and annual reporting.