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Hemostemix Announces HS 12 - 01 Clinical Trial Completion of Subjects' Follow-Up Visits at the End of March and Warrants Extended and Repriced
Calgary, Alberta--(Newsfile Corp. - January 28, 2021) - Hemostemix Inc. (TSXV: HEM) (OTC: HMTX...
About this update from Hemostemix Inc
[{"type":"text","content":"Hemostemix Announces HS 12 - 01 Clinical Trial Completion of Subjects' Follow-Up Visits at the End of March and Warrants Extended and RepricedCalgary, Alberta--(Newsfile Corp. - January 28, 2021) - Hemostemix Inc. (TSXV: HEM) (OTC: HMTXF) (\"Hemostemix\" or the \"Company\") is pleased to announce that all follow-up visits of the subjects enrolled in the HS 12 -01 clinical trial will be completed by March 31, 2021. A total 65 subjects who were enrolled in the trial, randomized 2:1 to receive ACP-01 or a placebo, will have completed the last follow-up appointments by March 31, 2021. The Company will provide additional information once trial data has been analyzed. Warrant AmendmentsThe Company announces it is applying to the TSX Venture Exchange (\"TSX-V\") for approval to amend the exercise price and expiration date of outstanding warrants (the \"Warrants\") previously issued in connection with non-brokered private placements which closed on March 5, 2020 and March 25, 2020 (the \"Original Private Placements\"). Subject to approval of the TSX-V, and the restrictions applicable to insiders described below, the Warrants of the Company that expire on March 5, 2021 and March 25, 2021 will be repriced to $0.55 each and the expiry date extended to March 5, 2023 and March 25, 2023. In accordance with TSX-V policies, the Warrants will also be amended to include an acceleration clause whereunder the exercise period of Warrants will be reduced to thirty (30) days, if, for any ten consecutive trading days during the unexpired term of the Warrants, the closing price of the Company's listed shares achieves or exceeds the price of 120% of the applicable exercise price. The 30-day expiry period commences on the day the Company either (i) disseminates a press release or (ii) sends a written notice to the holders of the Warrants, advising of the commencement of the exercise period.A total of 13,618,522 Warrants were issued to subscribers under the Original Private Placements, including 5,180,000 Warrants issued to certain directors and officers (the \"Insiders\") of the Company. In accordance with the polices of the TSX-V, only 1,361,852 Warrants held by the Insiders, representing 10% of the Warrants to be amended, will be repriced on a pro rata basis to $0.55 and the remainder of the Warrants held by the Insiders will remain exercisable at $1 pe...