Newsoara BioPharma Co., Ltd. announced that it has entered into a subscription agreement with new investor, Zenith Capital Corp. for a private placement of 1,500,000 units at a price of $1 per unit for gross proceeds of $1,500,000 on November 15, 2021. Each unit shall be comprised of one common share and one-half of a common share purchase warrant.

Each whole warrant shall be exercisable into one common share at $1 for a period of two years from the date of the subscription agreement. The company also agreed to subscribe for an additional 10,000,000 units of Zenith by way of completing ZEN-3694 development programs with a budget of $10,000,000 over the next 15 months.