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Genix Pharmaceuticals Corporation Announces Closing of Initial Tranche of Over Subscribed Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - July 17, 2020) - Genix Pharmaceuticals Corpora...
About this update from Genix Pharmaceuticals Corporation
[{"type":"text","content":"Genix Pharmaceuticals Corporation Announces Closing of Initial Tranche of Over Subscribed Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - July 17, 2020) - Genix Pharmaceuticals Corporation (TSXV: GENX) (the \"Company\"), is pleased to announce it has closed an initial tranche of $640,984 under the non-brokered private placement (the \"Private Placement\") announced by news release dated June 22, 2020. The Private Placement was originally announced for total gross proceeds of up to $562,500, subject to a 15% over-allotment option. Due to strong demand, Genix filed a price reservation form to increase the size of the Private Placement to total gross proceeds of $1,100,00. The initial tranche closing comprises 4,273,227 units of the Company (each a \"Unit\") at a price of $0.15 per Unit. Each Unit consists of one common share of the Company (a \"Share\") and one-half of one transferrable Share purchase warrant (each whole warrant a \"Warrant\"). Each Warrant will entitle the holder thereof to acquire one additional Share at a price of $0.30 for term of 2 years following closing, being July 17, 2022 (the \"Expiry Date\"), subject to acceleration. If the closing price of the Shares on the TSX Venture Exchange (the \"Exchange\") is greater than $0.50 for 10 consecutive trading days, then the Company may, at is sole option, elect to provide notice (the \"Acceleration Notice\") to the holders of the Warrants, which Acceleration Notice may be provided by news release, that the Warrants will expire at 4:00 p.m. (Vancouver time) on the date that is 30 days from the date of the Acceleration Notice (the \"Accelerated Expiry Date\"). In such instance, all Warrants that are not exercised prior to the Accelerated Expiry Date will expire on the Accelerated Expiry Date. The Company expects that it will complete a second tranche balance of the increased Private Placement within the next two weeks. Proceeds from the Private Placement will be used for be used for acquisition payments pursuant to an agreement dated January 10, 2020 to purchase rights to two nutraceutical drugs named Sucanon® and Renochlor® (see news releases dated January 14 and March 3 for further information), to acquire rights to Flu-X® pursuant to agreement dated March 24, 2020 (see news release dated March 27 for further information), ...