/NOT FOR DISTRIBUTION IN
The Warrants eligible for the Incentive Program, as set out in the following table, were issued in connection with a private placement offering of units, with each unit consisting of one common share in the capital of the Company ("Common Shares") and one Warrant (the "Offering"). The Offering was completed in two tranches occurring on
Issue Date | Expiry Date | Warrants | Exercise Price |
3,294,333 | 0.40 | ||
13,890,663 | 0.40 |
Under the terms of the Incentive Program, for each Warrant that is exercised on or before
The gross proceeds to the Company, if all of the Warrants are exercised, would be
The terms and conditions of the Incentive Program, including the method of exercising the Warrants, will be set forth in a letter to be delivered shortly to the registered holders of the Warrants.
Any Warrants that are not exercised prior to the expiry of the Early Exercise Period will remain outstanding in accordance with their original terms, and in particular, will no longer be eligible for the issuance of Incentive Warrants.
A portion of the Warrants, eligible for participation in the Incentive Program, are held by insiders of the Company. Participation by any such insiders in the Incentive Program may constitute a related party transaction pursuant to Multilateral Instrument 61-101 – Special Transactions ("MI 61-101"). The Company is exempt from the formal valuation requirement pursuant to subsections 5.5(a) and (b) of MI 61-101, and from the minority approval requirement pursuant to subsection 5.7(1)(a) of MI 61-101.
The Incentive Program is subject to the receipt of applicable regulatory approvals, including the approval of the
ABOUT
DISCLAIMER AND READER ADVISORY
Neither
This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation which involves known and unknown risks relevant to the Company in particular and to the biotechnology and pharmaceutical industries in general, uncertainties and other factors that may cause actual events to differ materially from current expectation. These risks are more fully described in the Company's public filings available at www.sedar.com. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The securities offered have not been, and will not be, registered under the
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