Business
Avivagen Announces Closing of Additional $1.75 Million Private Placement
Avivagen Announces Closing of Additional $1.75 Million Private Placement.
About this update from Avivagen, Inc.
[{"type":"text","content":"Avivagen Inc. (TSXV:VIV) (“Avivagen” or the “Company”), a life sciences innovation company with a series of patent protected products that support and optimize human and animal health, is pleased to announce the successful second and final closing of its previously announced non-brokered private placement (the “Offering”). In connection with this final closing Avivagen has issued 3,500,000 units (the “Units”) at an issue price of $0.50 per Unit for aggregate gross proceeds to the Company of $1,750,000. With the proceeds of the first closing which occurred on January 2, 2020, this closing brings the total gross proceeds of the Offering to $3,000,000 for the sale of 6,000,000 Units.Each Unit consists of one common share and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to acquire one common share at $0.75 for a period of 3 years from closing.In connection with the second closing of the Offering, Avivagen paid cash finder’s fees of $94,620 and issued 189,240 finders warrants, in the aggregate, to Haywood Securities Inc., Raymond James Ltd., Canaccord Genuity Corp., Echelon Wealth Partners, Leede Jones Gable Inc. and Richardson GMP. Each warrant issued to the finders entitles the holder to purchase one Unit at $0.50 per Unit for a period of 2 years. The Units issuable on exercise of the finders warrants are the same as the Units issued to subscribers the Offering except that each whole Warrant underlying the finder Units will be exercisable only during the period ending 2 years from closing of the Offering.In connection with this second closing, the Company has agreed that the 200,000 finders warrants issued to finders in connection with the January 2, 2020 closing, as described in the Company’s press release dated January 3, 2020, shall be deemed to be on the same terms as those described above. The Company plans to use the net proceeds from the Offering for product development and commercialization expenditures, working capital and for general corporate purposes. All securities issued in connection with this second closing are subject to restrictions on transfer, including a hold period ending May 28, 2020. Final approval of the Offering is subject to filing customary documents with the TSX Vent...