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June 30, 2006
Urodynamix receives TSX Venture approval for warrant incentive program
For Immediate Release
Vancouver, BC - (June 30, 2006) Urodynamix Technologies Ltd. (TSX.V: URO) is pleased to announce theTSX Venture Exchange (“TSX Venture”) has approveda warrant incentive program to encourage the early exercise of 23,107,000 warrants (“August 2007 Warrants”) and 3,557,000 warrants (“March 2007 Warrants”).
Exchanging the warrants early will provide the capital to execute Urodynamix’s current business plan while reducing the overall dilution to shareholders versus a new financing.
The proceeds of the early exercise will fund capital requirements relating to the commercialization of Urodynamix’s NIRS diagnostic and monitoring technologies, including pivotal clinical trials and regulatory approvals.
The August 2007 Warrants were issued as part of a financing completed in August 2005 and can be exercised at $0.125 until August 12, 2006 and at $0.20 from August 13th, 2006 to August 12th, 2007.
The March 2007 Warrants were issued as part of a financing completed in March 2005 and can be exercised at $0.10 until March 9, 2007.
In order to encourage the early exercise of the warrants, Urodynamix is amending the August 2007 Warrants and March 2007 Warrants so that upon payment of the applicable exercise price of $0.125 and $0.10 respectively, the holder will receive one unit instead of one common share. The new units will consist of a common share and an additional half warrant.Each whole New Warrant will allow the holder to acquire one common share at a price of $0.20 per share until July 24, 2007.The new units will be subject to a four-month hold period from July 24, 2006 to November 23, 2006.
Urodynamix is providing the August 2007 Warrant holders and March 2007 Warrant holders an exercise period of 15 business days from July 4, 2006 to July 24, 2006 to subscribe to the new offer.Urodynamix Management, Employees, Directors and BC Advantage Funds (who sit on Urodynamix’s board) hold 10,649,000 of the August 2007 warrants.Urodynamix Management, Directors and Employees hold 1,351,000 of the March 2007 warrants.
If a warrant holder does not exchange the August 2007 Warrants or the March 2007 Warrants by the end of the 15-business day exercise period, the warrants will continue to be exercisable for common shares on the same terms that previously existed.
The gross proceeds to Urodynamix if all the August 2007 Warrants are exchanged is $2,888,375.The gross proceeds to Urodynamix if all the March 2007 Warrants are exchanged is $355,700.
Urodynamix’s NIRS technology is a breakthrough in bladder care providing non-invasive monitoring and diagnosis of bladder dysfunction including urinary incontinence. NIRS will eliminate the need and discomfort for patient catheterization while reducing procedure time and costs.
Barry Allen, President and Chief Executive Officer, said, "Full participation of the warrant incentive program would generate sufficient funds for Urodynamix’s ongoing efforts towards commercial launch of NIRS in late 2007, while reducing the overall dilution to shareholders versus a new financing."
About Urodynamix Technologies Ltd.
Urodynamix Technologies Ltd. is the world leader in non-invasive measurement of bladder function and urological conditions.Urodynamix is focused on the development and commercialization of breakthrough diagnostic technology for bladder conditions specifically urinary incontinence (UI).Urodynamix is currently developing a family of non-invasive diagnostic and monitoring technologies for the over 200 Million UI sufferers worldwide.
On behalf of the Board,
“Barry Allen”
President & CEO
Urodynamix Technologies Ltd.
Certain information contained in this press release may be forward looking and is subject to unknown risks, which could cause actual results to differ materially from those, set forth or implied herein.Al though the Company believes that the expectations reflected in such forward-looking statements are reasonable; it can give no assurance that such expectations will prove correct.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Barry Allen
Email: ballen@urodynamix.com |
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