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Bioasis Announces Proposed Redemption of 15% Unsecured Debentures
Bioasis Announces Proposed Redemption of 15% Unsecured Debentures.
About this update from Bioasis Technologies Inc.
[{"type":"text","content":"\nBIOASIS TECHNOLOGIES INC. (OTCQB:BIOAF; TSX.V:BTI) (the “Company” or “Bioasis”), a pre-clinical, research-stage biopharmaceutical company developing its proprietary xB3 ™ platform technology for the delivery of therapeutics across the blood-brain barrier (“BBB”) and the treatment of central nervous system (“CNS”) disorders in areas of high unmet medical need, including brain cancers and neurodegenerative diseases, today announced that it intends to redeem all of its outstanding 15% unsecured debentures issued November 8, 2019 (the “Debentures”) at a price equal to 110% of the principal amount of the Debentures (the “Redemption Price”). The Company intends to settle the Redemption Price through the issuance of common shares at a price of $0.20 per share. The aggregate outstanding principal amount of the Debentures is $750,765 and therefore the aggregate Redemption Price is $825,841.50 and the number of common shares to be issued in settlement of the Redemption Price is 4,129,207.\n\n\nUnder the terms of the Debentures, the Company does not have the right to require the redemption of the Debentures until November 8, 2020. Accordingly, the proposed redemption is subject to the Company entering into an agreement with each of the Debenture holders to complete the redemption on the terms described above. Although the Company currently anticipates that each of the Debenture holders will agree to the redemption, there can be no assurance that they will do so. If a Debenture holder does not agree to have his, her or its Debentures redeemed, those Debentures will remain outstanding in accordance with their terms.\n\n\nThe proposed shares for debt settlement of the Redemption Price is subject to approval by the TSX Venture Exchange. The common shares issued in settlement of the Redemption Price will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issuance.\n\n\nBTI-FIN\n\n\nAbout Bioasis\n\n\nBioasis Technologies Inc. is a biopharmaceutical company developing the xB3 ™ platform, a proprietary technology for the delivery of therapeutics across the blood brain barrier and the treatment of CNS disorders in areas of high unmet medical need, including brain cancers and neurodegenerative dise...