Vancouver, BC, June 14, 2005--Medical Ventures has announced that it has successfully completed a brokered private placement of 16,900,000 shares at a price of $0.25 per share for total gross proceeds of $4,225,000 pursuant to the announcement made on May 25, 2005. MEV intends to use the net proceeds to finance regulatory approvals and commercialization of the Angiometrx Metricath Gemini(TM) Balloon Catheter and for general working capital.
"We have received great clinical interest in our new Metricath Gemini product and the funds from this financing will assist us greatly in getting the Metricath Gemini on the market and into the clinicians hands" stated Paul Geyer, President and CEO of Medical Ventures.
The private placement was placed by a syndicate of agents led by Orion Securities Inc. and included Raymond James Ltd. Paul Geyer, the Chairman, President & CEO and a control person of MEV, purchased directly, and indirectly through his holding company Geyer Engineering Ltd., an aggregate of 4,400,000 shares under the financing on the same terms as the other purchasers. Mr. Geyer abstained from voting on the resolutions approving the financing passed by the board of directors of MEV.
All securities issued in connection with the private placement will be subject to a hold period until October 14, 2005 in accordance with the policies of the TSX Venture Exchange and applicable Canadian securities laws.
Medical Ventures Corp. is a medical device technology company whose principal business is to develop and commercialize medical technologies that clearly address a clinical need in the cardiovascular and surgical marketplace.
For further information
concerning Medical Ventures Corp. please contact: Caren Holtby, Corporate Communications Manager, Email: choltby@medical-ventures.com, Tel: (604) 270-4344 ext.110 or (604) 805-8772