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Braxia Scientific Announces Closing of First Tranche of LIFE Offering and Concurrent Private Placement
Toronto, Ontario--(Newsfile Corp. - February 27, 2023) - Braxia Scientific Corp. (CSE: BRAX) (OTC...
About this update from Braxia Scientific Corp
[{"type":"text","content":"Braxia Scientific Announces Closing of First Tranche of LIFE Offering and Concurrent Private PlacementToronto, Ontario--(Newsfile Corp. - February 27, 2023) - Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF) (FSE: 4960) (\"Braxia\", or the \"Company\"), a medical research company providing psychiatric, innovative ketamine and psilocybin treatments for mental health disorders, is pleased to announce that it has closed the first tranche of its non-brokered offering, as described in its press release of February 7, 2023 (the \"LIFE Offering\"), resulting in the issuance of 13,658,524 units of the Company (each a \"Unit\") at a price of $0.055 per Unit for aggregate proceeds of $751,218.83 (the \"LIFE First Tranche\"). Each Unit consists of one common share of the Company (each a \"Common Share\") and one Common Share purchase warrant (each a \"Warrant\"). Each Warrant entitles its holder to purchase one additional Common Share at an exercise price of $0.07 for a period of 36 months from the date of issue. Units in the LIFE First Tranche were offered for sale to purchasers resident in Canada (except Québec) pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions, and will not be subject to any statutory hold period in accordance with applicable Canadian securities laws. The Company may close additional tranches of the LIFE Offering.The Company has also closed a non-brokered private placement in Canada and the United States of 9,327,272 Units on the same terms and at the same price as the LIFE Offering for aggregate gross proceeds of $513,000 (the \"Concurrent Placement\"). The Units sold pursuant to the Concurrent Placement in Canada will be subject to a statutory hold period of four months and one day in accordance with applicable Canadian securities laws.The Concurrent Placement was led by Dr. Roger McIntyre, Chairman and CEO of Braxia, who subscribed, for 3,181,818 Units for aggregate gross proceeds of $175,000. Dr. McIntyre is an \"insider\" of the Company and his participation in the Concurrent Placement constitutes a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on an exemption from the formal valuation and minority...