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Kalytera Therapeutics Announces Short Form Prospectus Offering of Units
Kalytera Therapeutics Announces Short Form Prospectus Offering of Units.
About this update from Claritas Pharmaceuticals Inc.
[{"type":"text","content":"\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/\n SAN FRANCISCO and TEL AVIV, Israel, April 03, 2019 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (the “Company”, or “Kalytera”) (TSXV:KALY and OTCQB: KALTF) announced that it has filed a preliminary short form prospectus with the securities regulatory authorities in the provinces of Alberta, British Columbia and Ontario in connection with a proposed marketed offering of units of the Company (“Units”, or each a “Unit”) for gross proceeds of $4,500,000 to $10,000,000 (the “Offering”). Echelon Wealth Partners Inc. (the “Lead Agent”) and Paradigm Capital Inc. (collectively with the Lead Agent, the “Agents”) will conduct the Offering on a commercially reasonable efforts basis as the Company’s agents for the Offering in Canada.  The Units may also be offered for sale in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and applicable state laws. Each Unit will consist of one common share in the Company (each a “Common Share”) and one Common Share purchase warrant (each a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Common Share by paying an exercise price for a period of 36 months from the Closing Date (as defined below). The price of the Units and exercise price of the Warrants will be determined by negotiation between the Company and the Lead Agent prior to the filing of the final short form prospectus related to the Offering. The Company intends to use the net proceeds of the Offering: (i) to pay milestone payments owing to the former shareholders of Talent Biotechs Ltd; (ii) to progress its Phase 2 clinical study evaluating cannabidiol for the  prevention of graft versus host disease (“GVHD”); (iii) for administrative expenses; and (iv) depending on the amount of proceeds, to progress its program to create a novel, proprietary CBD analogue for treatment of acute and chronic pain. The Agents shall be entitled to a cash commission equal to 7.5% of the gross proceeds of the Offering, which shall be payable on the Closing Date. The Agents sh...