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Hemostemix Announces Closing of Private Placement
Calgary, Alberta--(Newsfile Corp. - July 9, 2020) -  Hemostemix Inc. (TSXV: HEM) (OTC: HM...
About this update from Hemostemix Inc
[{"type":"text","content":"Hemostemix Announces Closing of Private PlacementCalgary, Alberta--(Newsfile Corp. - July 9, 2020) -  Hemostemix Inc. (TSXV: HEM) (OTC: HMTXF) (\"Hemostemix\" or the \"Company\") announces it has closed its previously announced non-brokered private placement of units (\"Units\") for gross proceeds of $266,500(the \"Offering\"). The Offering consisted of the issuance of an aggregate of 26,650,000 Units at a price of $0.01 per Unit. Each Unit consists of one common share in the capital of the Company (\"Common Share\") and one common share purchase warrant (\"Warrant\"), with each full Warrant entitling the holder to acquire one Common Share at a price of $0.05 per Common Share for a period of 12 months from the closing of the Offering, subject to the accelerated expiry provision described below.If, on any 10 consecutive trading days occurring after four months and one day has elapsed following the closing date of the Offering, the closing sales price of the Common Shares (or the closing bid, if no sales were reported on a trading day) as quoted on the TSX Venture Exchange Inc. (\"Exchange\") is greater than $0.07 per Common Share, the Company may provide notice in writing to the holders of the Warrants by issuance of a press release that the expiry date of the Warrants will be accelerated to the 30th day after the date on which the Company issues such press release.In connection with the Offering, the Company paid eligible finders (\"Finders\") aggregate cash finders fees of approximately $16,800 and issued an aggregate of 1,680,000 finders options to purchase units (\"Finders Units\") of the Company at an exercise price of $0.05 per Finders Unit. Each Finders Unit consists of one Common Share of the Company and one common share purchase warrant (\"Finders Warrant\"), with each full Finders Warrant entitling the Finders to acquire one Common Share at a price of $0.05 per Common Share, for a period of 12 months from closing of the Offering.Proceeds from the Offering are expected to be used to pay finder fees payable in connection with the closing ($16,800), filing fees and legal expenses ($13,086.63) and accounts payable ($236,613.37). In connection with the Offering, the Company has received final approval from the Exchange. All securities issuable pursuant to the Offering are subject to a four month and one day hold period ...