Business
Hemostemix Announces Closing of Second Tranche of Private Placement
Calgary, Alberta--(Newsfile Corp. - March 26, 2020) - Hemostemix Inc. (" Hemostemix " or the "...
About this update from Hemostemix Inc
[{"type":"text","content":"Hemostemix Announces Closing of Second Tranche of Private PlacementCalgary, Alberta--(Newsfile Corp. - March 26, 2020) - Hemostemix Inc. (\"Hemostemix\" or the \"Company\") (TSXV: HEM) (OTC: HMTXF) announces it has closed the second tranche of its previously announced non-brokered private placement of units (\"Units\") for gross proceeds of up to $3,000,000 (the \"Offering\"). The second tranche of the Offering consisted of the issuance of an aggregate of 17,750,000 Units at a price of $0.01 per Unit for gross proceeds of $177,500. 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 aggregate cash finders fees of approximately $12,600 and issued an aggregate of 1,260,000 finder warrants. Each finders warrant is exercisable for a period of 12 months from the closing date to acquire Units at a price of $0.01 per Unit.Proceeds from the Offering are expected to be used to pay finder fees payable in connection with the closing of the second tranche ($12,600), legal fees ($85,000) and certain accounts payables ($79,900).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 from the date of issuance in accordance with applicable Canadian securities laws.For further details regarding closing of the first tranche of the Company's Offering, please refer ...