Pursuant to a non-brokered private placement ("Private Placement") Crossover subscribed for 12,462,768 units of Pivotal ("Units") at the price of CDN
In addition, Crossover acquired 1,649.28 Debt Units of Pivotal at a price of CDN
As a result of the Acquisitions, Crossover currently holds 12,927,268 Common Shares representing 14.1% of the 91,916,277 issued and outstanding Common Shares. If the Warrants were converted into Common Shares, Crossover would hold 21,387,789 Common Shares representing 21.3% of the 100,376,798 outstanding Common Shares after such conversion and if the Notes were converted into Common Shares, Crossover would hold 21,173,668 Common Shares representing 21.1% of the 100,162,677 outstanding Common Shares after such conversion (assuming that no other Warrants or Notes of Pivotal are converted). If both the Warrants and Notes were converted into Common Shares, Crossover would hold 29,634,189 Common Shares representing 27.2% of the 108,623,198 issued and outstanding Common Shares after such conversion (assuming that no other Warrants or Notes of Pivotal are converted).
Crossover purchased the above noted securities from treasury in reliance on the exemption provided in Section 2.3 of National Instrument 45-106 - Prospectus and Registration Exemptions for investment purposes and Crossover may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over the Common Shares, Warrants, Notes or other securities of Pivotal, through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with the applicable securities commissions or similar regulatory authorities in
FOR FURTHER INFORMATION PLEASE CONTACT:
Crossover Healthcare Fund Daniel Carlson617-532-6459 Source: Crossover Healthcare Fund