Business
Hemostemix Announces $700,000 Non Broker Private Placement, Update on its Proceedings against Aspire Health Science, LLC
Calgary, Alberta--(Newsfile Corp. - June 19, 2020) - Hemostemix Inc. (TSXV: HEM) (OTC: HMTXF) ...
About this update from Hemostemix Inc
[{"type":"text","content":"Hemostemix Announces $700,000 Non Broker Private Placement, Update on its Proceedings against Aspire Health Science, LLCCalgary, Alberta--(Newsfile Corp. - June 19, 2020) - Hemostemix Inc. (TSXV: HEM) (OTC: HMTXF) (\"Hemostemix\" or the \"Company\")  is pleased to announce a non-brokered private placement of units (\"Units\") for gross proceeds of up to $700,000 (the \"Offering\"), subject to TSX Venture Exchange (the \"Exchange\") approval. The Offering may consist of the issuance of an aggregate of 70,000,000 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 as follows. 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. The proceeds from the Offering are expected to pay finder fees payable in connection with the closing ($56,000), filing fees and legal fees in connection with the litigation against Aspire Health Science, LLC ($350,000), clinical trial costs accounts payable ($250,000) and general working capital ($44,000).The Offering will be completed pursuant to certain exemptions from the prospectus requirements under applicable securities laws. Subject to acceptance by the Company, the Offering is open to all existing shareholders of the Company in reliance upon the prospectus exemption described in Multilateral CSA Notice 45-313 Prospectus Exemptions for Distributions to Existing Security Holders and set forth in the various corresponding blanket orders and rules in each of the provinces and territories of Canada (the \"Existing Shareholder Exemption\"),...