Covalon Announces Successful Warrant Redemption from 2019 Private Placement
Covalon Technologies (TSXV: COV; OTCQX: CVALF) has announced the successful redemption of warrants from its 2019 private placement. Company directors exercised 852,700 warrants, generating approximately $1.7 million CAD, while long-term shareholders exercised 1,875,800 warrants, bringing in about $3.8 million CAD. This brings Covalon's net cash position to approximately $16.0 million CAD.
CEO Brent Ashton expressed satisfaction with the confidence shown by insiders and long-term shareholders in Covalon's future value. The warrants, originally set to expire on September 18, 2024, were issued as part of a private placement in September 2019. Following this exercise, Covalon now has 27,398,077 common shares outstanding, with insiders beneficially owning and controlling 14,194,323 shares, representing about 51.8% of the company's outstanding shares.
Covalon Technologies (TSXV: COV; OTCQX: CVALF) ha annunciato il successo del riscatto delle warrant dalla sua private placement del 2019. I dirigenti dell'azienda hanno esercitato 852.700 warrant, generando circa 1,7 milioni di dollari CAD, mentre gli azionisti a lungo termine hanno esercitato 1.875.800 warrant, portando a circa 3,8 milioni di dollari CAD. Ciò porta la posizione di cassa netta di Covalon a circa 16,0 milioni di dollari CAD.
Il CEO Brent Ashton ha espresso soddisfazione per la fiducia mostrata dagli insider e dagli azionisti a lungo termine nel valore futuro di Covalon. Le warrant, originariamente destinate a scadere il 18 settembre 2024, sono state emesse come parte di una private placement nel settembre 2019. Dopo questo esercizio, Covalon ha ora 27.398.077 azioni ordinarie in circolazione, con gli insider che possiedono e controllano 14.194.323 azioni, rappresentando circa il 51,8% delle azioni in circolazione dell'azienda.
Covalon Technologies (TSXV: COV; OTCQX: CVALF) ha anunciado el exitoso canje de warrants de su colocación privada de 2019. Los directores de la empresa ejercieron 852,700 warrants, generando aproximadamente 1.7 millones de dólares CAD, mientras que los accionistas a largo plazo ejercieron 1,875,800 warrants, obteniendo alrededor de 3.8 millones de dólares CAD. Esto lleva la posición de efectivo neto de Covalon a aproximadamente 16.0 millones de dólares CAD.
El CEO Brent Ashton expresó satisfacción con la confianza mostrada por los insiders y los accionistas a largo plazo en el valor futuro de Covalon. Los warrants, originalmente destinados a expirar el 18 de septiembre de 2024, fueron emitidos como parte de una colocación privada en septiembre de 2019. Después de este ejercicio, Covalon ahora tiene 27,398,077 acciones comunes en circulación, con los insiders poseyendo y controlando 14,194,323 acciones, que representan aproximadamente el 51.8% de las acciones en circulación de la empresa.
코발론 테크놀로지스 (TSXV: COV; OTCQX: CVALF)는 2019년 사모 배치의 보증서를 성공적으로 상환했다고 발표했습니다. 회사의 이사들이 852,700개의 보증서를 행사하여 약 170만 캐나다 달러를 발생시켰으며, 반면 장기 주주들은 1,875,800개의 보증서를 행사하여 약 380만 캐나다 달러를 유입했습니다. 이로 인해 코발론의 순 현금 위치는 약 1,600만 캐나다 달러에 달하게 되었습니다.
CEO 브렌트 애시튼은 코발론의 미래 가치에 대한 내부자와 장기 주주들의 신뢰에 대한 만족감을 표했습니다. 보증서는 원래 2024년 9월 18일에 만료될 예정이었으며, 2019년 9월 사모 배치의 일환으로 발행되었습니다. 이 행사 후, 코발론은 현재 27,398,077개의 보통 주식을 발행했습니다, 내부자들은 14,194,323주의 주식을 유익하게 소유 및 관리하고 있으며, 이는 회사의 발행 주식의 약 51.8%를 차지합니다.
Covalon Technologies (TSXV: COV; OTCQX: CVALF) a annoncé le succès de la réalisation des bons de souscription de son placement privé de 2019. Les administrateurs de l'entreprise ont exercé 852 700 bons, générant environ 1,7 million de dollars CAD, tandis que les actionnaires de long terme ont exercé 1 875 800 bons, apportant environ 3,8 millions de dollars CAD. Cela porte la position de liquidités nette de Covalon à environ 16,0 millions de dollars CAD.
Le PDG Brent Ashton a exprimé sa satisfaction quant à la confiance montrée par les initiés et les actionnaires à long terme dans la valeur future de Covalon. Les bons de souscription, initialement fixés à expirer le 18 septembre 2024, ont été émis dans le cadre d'un placement privé en septembre 2019. Suite à cet exercice, Covalon a désormais 27 398 077 actions ordinaires en circulation, avec des initiés possédant et contrôlant 14 194 323 actions, représentant environ 51,8 % des actions en circulation de la société.
Covalon Technologies (TSXV: COV; OTCQX: CVALF) hat die erfolgreiche Einlösung von Warrants aus seiner Privatplatzierung von 2019 bekannt gegeben. Die Unternehmensleiter haben 852.700 Warrants ausgeübt, wodurch etwa 1,7 Millionen CAD generiert wurden, während langfristige Aktionäre 1.875.800 Warrants ausgeübt haben, was etwa 3,8 Millionen CAD einbringt. Dies bringt die Netto-Cash-Position von Covalon auf etwa 16,0 Millionen CAD.
CEO Brent Ashton äußerte Zufriedenheit mit dem Vertrauen, das von Insidern und langfristigen Aktionären in den zukünftigen Wert von Covalon gezeigt wurde. Die Warrants, die ursprünglich am 18. September 2024 auslaufen sollten, wurden im Rahmen einer Privatplatzierung im September 2019 ausgegeben. Nach dieser Ausübung hat Covalon nun 27.398.077 Stammaktien ausstehend, wobei Insider 14.194.323 Aktien vorteilhaft besitzen und kontrollieren, was etwa 51,8 % der ausstehenden Aktien des Unternehmens entspricht.
- Raised approximately $5.5 million CAD through warrant exercises
- Strengthened cash position to $16.0 million CAD
- Increased insider ownership to 51.8% of outstanding shares
- None.
Brent Ashton, Chief Executive Officer, commented, "We are very pleased with the confidence in the future value of Covalon that has been demonstrated by our Insiders and long-term shareholders. Our strengthened balance sheet positions the Company well for future investments and growth."
The warrants were issued in connection with the Company's private placement of units completed in September 2019 and were set to expire on September 18, 2024.
Following the exercise of these warrants, Covalon has 27,398,077 common shares issued and outstanding as of September 20, 2024.
The Insiders now beneficially own and control 14,194,323 common shares, representing approximately 51.8 % of the Company’s outstanding shares.
Those interested in learning more about Covalon’s solutions may visit www.covalon.com or follow Covalon on LinkedIn, Facebook, or Instagram.
About Covalon
Covalon is a patient-driven medical device company, that provides innovative and cost-effective healthcare solutions for advanced wound care, infection control, and medical device coatings. Through a strong portfolio of patented technologies and solutions, we offer innovative, gentle and more compassionate options to aid patients on their healing journey. Our solutions are designed for patients and made for care providers. Covalon leverages its patented medical technology platforms and expertise in two ways: (i) by developing products that are sold under Covalon’s name; and (ii) by developing and commercializing medical products for other medical companies under development and license contracts. The Company is listed on the TSX Venture Exchange, having the symbol COV and trades on the OTCQX Market under the symbol CVALF. To learn more about Covalon, visit our website at www.covalon.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan, "estimate", "expect", "intend", or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur”, or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events. Forward-looking statements involve risks and uncertainties, including, but not limited to, the factors described in greater detail in the “Risks and Uncertainties” section of our management’s discussion and analysis of financial condition and results of operations for the year ended September 30, 2023, which is available on the Company’s profile at www.sedarplus.ca, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Investors should not place undue reliance on any forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company assumes no obligation to update or alter any forward-looking statements, whether as a result of new information, further events, or otherwise, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240923763338/en/
To learn more about Covalon:
Investor Relations, Covalon Technologies Ltd.
Email: investors@covalon.com
Website: https://covalon.com/
Source: Covalon Technologies Ltd.
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