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Kalytera Announces Management-Led Private Placement of Up To $1.5 Million of Common Shares and Common Share Purchase Warrants
Kalytera Announces Management-Led Private Placement of Up To $1.5 Million of Common Shares and Common Share Purchase Warrants.
About this update from Claritas Pharmaceuticals Inc.
[{"type":"text","content":"\n SAN FRANCISCO and TEL AVIV, Israel, Aug. 21, 2019 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (TSX VENTURE: KLY and OTCQB: KALTF) (the \"Company\" or \"Kalytera\") today announced that it intends to raise up to approximately CDN $1.5 million (USD $1.13 million) in a private placement (the “Private Placement”) of common shares and common share purchase warrants.  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 product development program evaluating cannabidiol (“CBD”) for the prevention of acute graft versus host disease (“GVHD”). Proceeds will also be used to augment the Company’s working capital as it continues discussions with potential corporate partners for its GVHD program. Management and certain members of the Company’s board of directors will invest in the Private Placement, along with both new and existing shareholders. The participation of insiders in the Private Placement constitutes a “related party transaction” as defined in Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions and Policy 5.9 of the TSX Venture Exchange (the “TSXV”).  The Private Placement is exempt from the formal valuation and minority shareholder approval requirements of such regulations, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves related parties, will exceed 25% of the Company’s market capitalization. The Private Placement will be approved by those independent directors that are not participating in the transaction. The Company will issue up to 30 million units, with each unit consisting of one common share and one common share purchase warrant, at a price of $0.05 per unit. The common share purchase warrant will have an exercise price of CDN $0.05, and a term of 36 months. Completion of the Private Placement is subject to customary conditions, including the approval of the TSXV, and all other necessary regulatory approvals. The Private Placement is expected to close on or about August 27, 2019. The Private Placement is being facilitated by Alere Financial Partners, a division of Cova ...