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SYDNEY, AUSTRALIA--(Marketwired - Mar 2, 2016) - Simavita Limited (ASX:SVA)(TSX VENTURE:SV) ("Simavita" or the "Company") advises that following the Company's shareholder meeting on February 26, 2016 and approval of Resolution 3, it has allotted a total of 6,666,667 shares (represented by 6,666,667 CHESS Depository Interests ("CDIs")) and 1,333,333 unlisted options (the "Placement Options") which are issued on the basis of one attaching Placement Option for every five shares issued pursuant to the placement. Each Placement Option will entitle the holder to acquire one share/CDI in the Company at an exercise price of AUD$0.15 on or before 2 March 2017 to Dussman Pty Ltd. The issue of the CDIs at an issue price of AUD$0.15 per CDI raised $1,000,000.
The proceeds from the placement will be used to support the roll-out of Simavita's current technologies in the US and European markets, appoint further distributors to roll-out SIM™ in Europe, and for continued product innovation.
For further information, see our website (www.simavita.com) or contact the persons outlined below.
Simavita is a digital healthcare company that has developed an innovative software platform. The first application for the platform is a world first solution for the management of urinary incontinence, with a focus on the elderly. This platform technology is an instrumented incontinence assessment application that provides evidence-based incontinence management care plans to the residential aged care market.
SIM® is a wireless sensor technology that delivers evidence-based instrument incontinence data on individuals. SIM® provides user friendly tools and software to assess the incontinence condition and to help plan better outcomes. SIM® is used to detect, record and report incontinence events during a compulsory or recommended assessment period in residential aged care facilities to develop an evidence-based incontinence care plan.
Conducting assessments is mandatory in many countries and the incontinence assessment creates an influential element of care of each individual. For more information on Simavita or SIM®, please visit www.simavita.com.
The TSX Venture Exchange has in no way passed upon the merits of the transactions set out herein and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange not its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release.