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Lattice Biologics Announces Completion of Private Placement
Lattice Biologics Announces Completion of Private Placement.
About this update from Lattice Biologics Ltd
[{"type":"text","content":"\nLattice Biologics Announces Completion of Private Placement\n\nLattice Biologics Announces Completion of Private Placement\n\nSCOTTSDALE, AZ--(Marketwired - May 15, 2017) - NOT FOR DISSEMINATION IN THE US OR THROUGH US NEWSWIRE SERVICESLattice Biologics Ltd. (TSX VENTURE: LBL) (OTCQB: LBLTF) (\"Lattice Biologics\" or the \"Company\") is pleased to announce that it has closed the previously announced non-brokered private placement of Units (\"Private Placement\") in five tranches. As disclosed on April 4, 2017, the Company raised aggregate gross proceeds of approximately US$370,000.The net proceeds from the Private Placement will be used for general working capital to meet the rise in demand for the Company's products, support the development of next generation products focused on advancing tissue repair and pain relief, and other research and development efforts.Shares for Services:Lattice Biologics also announces that it has obtained TSX Venture Exchange (\"TSXV\") approval to issue 62,440 common shares of the Company (\"Shares\") to an individual as compensation for certain services rendered to the Company during March and April of 2017.The Shares will be issued pursuant to the terms of the Shares for Services Agreement (announced August 8, 2016) at a deemed price of Can.$0.194. The number of Shares was determined by using the volume weighted average price of the Company's common shares on the TSXV for the five business days prior to submission for the TSXV for approval of the issuance. The Shares will be subject to a four-month resale restriction.Consistent with its strategy to strengthen its balance sheet, the Company announced on April 26, 2017 an agreement to reduce the sales royalty payable on the Company's revenue, eliminate approximately US$2.8 million of debt, and extend the maturity date and lower the interest rate under its secured note from 12.5% to 4.244% (the \"Transaction\"). This Transaction will significantly reduce the Company's royalty and interest payment obligations and is a key step in positioning the Company for long-term success.Lattice Biologics Ltd.Guy Cook,Chief Executive OfficerTelephone No: (480) 563-0800About Lattice Biologics Ltd.:Lattice Biologics Ltd. is an emerging precision medicine leader in the field of cellular therapies and tissue engineering, with an emphasis on bone, skin, and cartilag...