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Kalytera Announces Closing of Final Tranche of Private Placement of Common Shares and Common Share Purchase Warrants and Amendments to Secured Convertible Debenture Units
Kalytera Announces Closing of Final Tranche of Private Placement of Common Shares and Common Share Purchase Warrants and Amendments to Secured Convertible Debenture Units.
About this update from Claritas Pharmaceuticals Inc.
[{"type":"text","content":"\n SAN FRANCISCO and TEL AVIV, Israel, Oct. 30, 2019 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (TSX VENTURE: KLY and OTCQB: KALTF) (the “Company” or “Kalytera”) is pleased to announce that it has closed an additional and final tranche of its private placement, for 2,811,111 common shares of the Company and 2,811,111 common share purchase warrants for aggregate gross proceeds of approximately C$126,500.  Industrial Alliance Securities Inc. will receive compensation in connection with this tranche of the private placement consisting of a cash commission equal to C$10,120 and will be issued 224,889 warrants bearing the same terms as those issued in the offering.  All securities issued in this tranche are subject to a hold period expiring on February 26, 2020 in accordance with applicable securities laws. The offering remains subject to final TSX Venture Exchange (“TSXV”) approval. The additional closing was part of a larger private placement transaction (the “Private Placement”) under which the Company issued units, each consisting of one common share and one common share purchase warrant, at a price of C$0.045 per unit, pursuant to the grant of a discretionary waiver by the TSXV of its C$0.05 minimum pricing requirement.  As previously disclosed, Mr. Farrell, the Company’s Chief Executive Officer, and Mr. Erickson, a member of the Company’s board of directors, invested at a price of C$0.05 per unit, instead of the C$0.045 per unit price made available to all other investors. Each common share purchase warrant will have an exercise price of C$0.05, and a term of 36 months from the date of issuance. Beginning on the date that is four months plus one day following the applicable issuance date, Kalytera may accelerate the expiry date of such common share purchase warrants to the date that is 30 days following notice of such acceleration should the daily volume weighted average trading price of Kalytera’s common shares be greater than C$1.00 for any 10 consecutive trading days on the TSXV. As previously disclosed in more detail in the Company’s press release dated September 11, 2019, proceeds of the Private Placement will be used to fund preparatory work for initiation of the Company’s Phase 3 clinical registration study for its lead prod...