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Major Shareholders Commit Early to Second Tranche Funding
19 / 09 / 2007
Sunshine Heart, Inc. (ASX: SHC) has previously announced (6 September 2006) that following FDA approval of its IDE application to commence a clinical trial in the USA, major shareholders CM Capital Investments (CM Capital) and GBS Venture Partners (GBS) will subscribe for a total of $6 million in new shares of the Company at a price of 15 cents per share with 3 new options
for every 10 new shares subscribed. Each new option will have an exercise price of 20
cents and a life of 3 years.
Following negotiations, the parties have agreed that CM Capital and GBS will now provide
the above $6 million funding by the following dates viz $3 million by 1 October 2007 and
the balance of $3 million by 15 November 2007 on the above terms. In addition the
Company will issue CM Capital and GBS a total of 4 million new options with an exercise
price of 20 cents and a life of 3 years as consideration for the revised funding commitment.
The Company is delighted with the continued support of CM Capital and GBS as it seeks
FDA approval to commence a US clinical trial of its C-PulseTM heart assist device.
for every 10 new shares subscribed. Each new option will have an exercise price of 20
cents and a life of 3 years.
Following negotiations, the parties have agreed that CM Capital and GBS will now provide
the above $6 million funding by the following dates viz $3 million by 1 October 2007 and
the balance of $3 million by 15 November 2007 on the above terms. In addition the
Company will issue CM Capital and GBS a total of 4 million new options with an exercise
price of 20 cents and a life of 3 years as consideration for the revised funding commitment.
The Company is delighted with the continued support of CM Capital and GBS as it seeks
FDA approval to commence a US clinical trial of its C-PulseTM heart assist device.