World Heart says underwriters purchase additional shares
World Heart Corp WHT
Shares issued 14,078,743 Jun 3 close $17.75
Fri 4 Jun 99 News Release
Ms. Sandy Armstrong reports
Pursuant to the overallotment option arising from the new and secondary share offering completed May 11, 1999, the underwriters have purchased an additional 92,630 common shares, completing distribution under the offering. The common shares were sold at the public offering price of $16.50 (Canadian) or $11.35 (U.S.) per common share, less the underwriting discount, for a total purchase price of $1,436,691 (Canadian). Of the additional common shares, 80,548 were purchased from the company and 12,082 from Dr. Michael C.J. Cowpland, a non-executive director of the company.
On May 11, 1999, WorldHeart successfully completed a new issue and secondary offering of 1,955,000 common shares. The issue was priced at $16.50 (Canadian) or $11.35 (U.S.) per common share. Including the option shares, the total number of new shares issued by the company was 1,780,548, for net proceeds to the company, after underwriting discount, of $27,616,300 (Canadian). Issued and outstanding common shares now total 14,078,743.
The lead manager of the offering was Merrill Lynch Canada Inc. and the co-managers were ScotiaMcLeod Inc. and CIBC World Markets Inc. 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.
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