Profound Medical to go public via RTO
Profound Medical Inc., a medical device company developing and commercializing a unique, minimally invasive treatment for prostate cancer, has entered into a definitive agreement with Mira IV Acquisition Corp to complete a three-cornered amalgamation. Following completion of the reverse take-over, Mira will change its name to “Profound Medical Corp.”
The transaction is expected to close around May 21, 2015.
In connection with this announcement, Profound completed a private placement of subscription receipts for gross proceeds of approximately $24 million, led by GMP Securities, L.P. and Cormark Securities Inc., and including Bloom Burton & Co. and Mackie Research Capital Corporation.
Profound also announced that, in connection with the private placement and the Transaction, Knight Therapeutics Inc. has provided a secured loan of $4 million for an initial period of four years with an interest rate of 15% per annum, with payments of interest and principal deferred until June 30, 2017.