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Covalon Announces Closing Of Non-Brokered Private Placement

MISSISSAUGA, ON, Aug. 30, 2013 /CNW/ - Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV: COV), an advanced medical technologies company, today announced that further to its press release of August 16, 2013, it has completed, subject to final approval of the TSX Venture Exchange, a non-brokered private placement comprised of 750 units (the "Units") at a price of $1,000 per Unit for gross proceeds of $750,000. Each Unit consists of $1,000 principal amount of 12% senior secured convertible debenture (the "Debentures" and each a "Debenture") and 6,451 warrants (each, a "Warrant"). Proceeds of the private placement will be used by Covalon to fund the market launch of the Company's new products IV Clearâ„¢ and SurgiClearâ„¢ and for general working capital.

Each Debenture is convertible at the holder's option into 6,451 common shares of the Company (the "Common Shares") at a conversion price of $0.155 at any time on or prior to August 30, 2016. These conversion rights are subject to standard anti-dilution provisions. The Debentures bear interest at the rate of 12% per annum and are direct secured obligations of the Company ranking senior to all indebtedness of the Company.  Interest will accrue and be added to the principal amount outstanding under the Debentures.  Each Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $0.155 at any time on or prior to August 30, 2016.  The Debentures and the Common Shares issuable upon conversion of the Debentures and exercise of the Warrants will be subject to a hold period of four months and one day following August 30, 2013.

The private placement is subject to final TSX Venture Exchange approvals.

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