Business
Bioasis Announces Non-Brokered Private Placement
Bioasis Announces Non-Brokered Private Placement.
About this update from Bioasis Technologies Inc.
[{"type":"text","content":"\n \n BIOASIS \n TECHNOLOGIES INC. (TSX.V:BTI; OTCQB:BIOAF) (“Bioasis” or \n the “Company”), a biopharmaceutical company developing its xB3 proprietary \n platform technology for the delivery of therapeutics across the \n blood-brain barrier (BBB) for the treatment of CNS disorders, today \n announced that it intends to pursue a non-brokered private placement of \n units (the \"Units\") at a price of C$0.552 per Unit, for \n aggregate gross proceeds of up to C$3 million.\n \n \n Each Unit will consist of one common share of the Company (a \"Common \n Share\") and one Common Share purchase warrant (each whole Common \n Share purchase warrant, a \"Warrant\"). Each Warrant entitles \n the registered holder to purchase one Common Share (a “Warrant Share”) \n at an exercise price of C$0.69 per Warrant Share for a period of 60 \n months from the date of closing of the private placement, subject to the \n terms and conditions set out in the Warrant. All securities issued \n pursuant to the private placement will be subject to a four month hold \n period in accordance with applicable Canadian securities laws.\n \n \n The Company will use the net proceeds from the private placement to \n support ongoing research and development, clinical development, \n manufacturing and other activities in respect of the Company’s clinical \n development pipeline and for working capital and general corporate \n purposes. Closing of the private placement is subject to the approval of \n the TSX Venture Exchange (“TSXV”).\n \n \n “We are committed to our pursuit to develop effective medicines to treat \n brain cancers and neurodegenerative diseases, which have the potential \n to make a serious impact on the lives of patients suffering with these \n diseases,” said Mark Day, Ph.D., president & chief executive officer, \n Bioasis. “We look forward to completing the financing, which will allow \n the Company to be in a stronger position to advance our programs \n utilizing our proprietary xB3 platform technology.”\n \n \n This press release shall not constitute an offer to sell or solicitation \n of an offer to buy the securities in any jurisdiction. The securities \n will not be and have not been registered under the United St...