Starting tomorrow, World Heart will trade on the TSE as WHT. It will be interesting to see what affect it has on share price, given the purchasers got in at $6.80 CDN and the current price is around $11.70 CDN. Some early profit taking perhaps? Here's the news release...
FOR IMMEDIATE RELEASE
WORLD HEART CORPORATION FILES FINAL PROSPECTUS AND RECEIVES APPROVAL FOR THE TORONTO STOCK EXCHANGE
Trading on the TSE will begin July 21, 1998 under the stock symbol "WHT"
OTTAWA, Ontario, Canada - July 20, 1998 - World Heart Corporation ("WorldHeart" or the "Corporation") announced today that it has filed in each of the Provinces of Ontario and Manitoba a final prospectus qualifying 2,093,000 common shares of the Corporation to be issued upon the exercise of an equal number of special warrants. The special warrants were sold by way of a private placement on June 3, 1998 by Midland Walwyn Capital Inc. and ScotiaMcLeod Inc. at a price of $6.80 each, for total gross proceeds of $14,232,400. Holders of the special warrants may convert the warrants into common shares of the Corporation on a one-for-one basis at any time until July 23, 1998. Any warrants not earlier converted will be automatically converted on July 23, 1998.
WorldHeart also announced that its common shares have been approved for listing on The Toronto Stock Exchange ("TSE") and that trading will commence on July 21, 1998 under the symbol "WHT". The listing is expected to enhance access to WorldHeart's shares by Canadian residents and financial institutions. The Corporation's common shares have traded in the United States on the Nasdaq SmallCap Market System and in Canada on the Canadian Dealing Network Inc. since December, 1996.
"The listing of WorldHeart's common shares on the TSE is a natural step in the evolution of the Corporation, and reflects the significant progress made towards bringing the Corporation's to market", said
Roderick M. Bryden, Chairman and Chief Executive Officer of the Corporation. "The growing recognition of WorldHeart's technology in the medical community has been followed by increasing investor interest, and Canadian shareholders are expected to benefit from the increased liquidity and visibility arising from their Corporation's common shares being listed on one of North America's premier exchanges."
WorldHeart is a medical devices business focused on commercialization of artificial heart and related technologies for which the worldwide rights were acquired from the University of Ottawa Heart Institute. The continuing research and development of these technologies is carried out under contract to WorldHeart by the Cardiovascular Devices Division of the University of Ottawa Heart Institute Research Corporation, an affiliate of the University of Ottawa Heart Institute.
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For further information contact:
Ian W. Malone
Chief Financial Officer
World Heart Corporation
Tel.: (613) 226-4278
Fax: (613) 226-4744
E-Mail: imalone@worldheart.com
Any forward-looking statements in this release are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risk and uncertainties, including without limitation, risks in product development and market acceptance of and demand for the Company=s products, risks of downturns in economic conditions generally, and in the medical devices markets, risks associated with costs and delays posed by government regulation, limitations on third party reimbursement, inability to protect proprietary technology, potential product liability and other risks detailed in the Corporation's filings with the U.S. Securities and Exchange Commission. All financial figures are prepared in accordance with Canadian generally accepted accounting principles (GAAP) and are expressed in Canadian dollars. |
