World Heart files share offering
World Heart Corp WHT
Shares issued 12,284,860 Apr 13 close $19.50
Tue 13 Apr 99 News Release
An anonymous director reports
World Heart has filed a registration statement in the United States and a
short form preliminary prospectus in Canada under the Canada/U.S.
multijurisdictional disclosure system in connection with a primary offering
of two million shares by the company, and a secondary offering of 300,000
shares by a selling shareholder. In addition, WorldHeart and the selling
shareholder will grant to the underwriters options to purchase an
additional 300,000 and 45,000 shares respectively to cover overallotments.
The secondary offering of shares is being made by Michael C.J. Cowpland, a
director of the company. After selling a maximum of 345,000 shares, Dr.
Cowpland will continue to hold 1,207,833 shares of WorldHeart. Dr. Cowpland
has agreed with the underwriters that he will not offer for sale any
additional shares of the company for 12 months following completion of the
secondary offering.
WorldHeart intends to use the net proceeds of this offering for continuing
research and development activities, product development and
commercialization, including costs of clinical trials for its HeartSaverVAD
system and related commercialization activities.
The lead manager of the offering is Merrill Lynch Canada Inc. and the
co-managers are ScotiaMcLeod Inc. and CIBC Wood Gundy Securities Inc.
A registration statement relating to the shares has been filed with the
U.S. Securities and Exchange Commission but has not yet become effective.
The shares may not be sold nor may offers to buy the shares be accepted
prior to the time the registration statement becomes effective.
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