iTech Medical, Inc (OTCPK:IMSU) signed a letter of intent to acquire Ovid Capital Ventures Inc. (TSXV:OCA.P) in a reverse merger transaction on April 18, 2013. As per the deal, Ovid shares will be issued to iTech Medical's shareholders on the basis of one Ovid share, at a deemed issue price of CAD 0.20, for every three iTech shares such that the current shareholders of Ovid Capital will hold 25% and rest will be owned by iTech Medical. In addition, the iTech outstanding options will be exercisable into Ovid shares on the same terms and conditions. Furthermore, Ovid shall allot and reserve for issuance a total of up to 15 million common shares to the iTech shareholders, on a pro rata basis, if CAD 7.5 million in revenue is generated by the end of the third fiscal year immediately after the closing of the transaction. These shares issued will be subject to restricting their resale until 36 months following the closing of the transaction.

Ovid Capital Ventures will also complete a brokered private placement of shares at a minimum price per Ovid Security of CAD 0.20. The Private Placement shall be for minimum gross proceeds of CAD 2.3 million and a maximum of CAD 3 million. Subject to TSXV approval, Ovid has provided iTech a secured loan in the principal amount of up to CAD 0.13 million secured by a general security over the assets of iTech and BIOflex. Ovid has already advanced CAD 0.025 million to iTech. As of July 3, 2013, Ovid Capital announced that the definitive agreement is expected to be signed on or before August 31, 2013.

Upon completion of the Transaction, it is expected that the board of directors of iTech Medical, Inc shall be comprised of: Wayne D. Cockburn, Michael Newman and Kosta Kostic. In addition, it is expected that the officers of iTech Medical, Inc. shall be Wayne D. Cockburn as Chief Executive Officer, Allan MacDougall as Chief Financial Officer, and Charlie Zablotsky will be continuing as President of BIOflex. The deal is subject to signing of definitive agreement, shareholder approvals of iTech Medical, approval of the directors of each of Ovid and iTech of the definitive agreement, all requisite regulatory approvals, TSXV approval, closing of a concurrent brokered financing, preparing of a filing statement in accordance with the rules of the TSXV, and completion of due diligence investigations. Ovid shall issue 1.5 million common shares on closing of the transaction to Guardian Securities House Inc. as a finder's fee for introducing Ovid to iTech.

As of November 13, 2013, iTech Medical, Inc (OTCPK:IMSU) signed a definitive agreement to acquire Ovid Capital Ventures Inc. (TSXV:OCA.P). Also, in order to supplement iTech's current working capital needs until the closing of the transaction, Ovid Capital Ventures has provided iTech Medical with an additional secured loan in the principal amount of $0.1 million.

As of June 5, 2014, Ovid Capital received conditional acceptance from the Exchange for the closing of the transaction. Assuming all conditions to closing are satisfied, Ovid Capital expects to close the transaction on or about July 31, 2014.

Jones, Gable & Company Ltd. acted as the agent in connection with a brokered private placement of $2.3 million.