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Satellos Bioscience Announces Proposed Non-Brokered Offering of Unsecured Non-Convertible Debentures of up to $2.25 Million
Toronto, Ontario--(Newsfile Corp. - March 15, 2023) - Satellos Bioscience Inc. ( TSXV: MSCL ...
About this update from Satellos Bioscience Inc
[{"type":"text","content":"Satellos Bioscience Announces Proposed Non-Brokered Offering of Unsecured Non-Convertible Debentures of up to $2.25 MillionToronto, Ontario--(Newsfile Corp. - March 15, 2023) - Satellos Bioscience Inc. (TSXV: MSCL) (OTCQB: MSCLF) (\"Satellos\" or the \"Company\"), a drug discovery company developing small molecule therapeutics to regenerate muscle as a new approach to treating disease conditions from muscular dystrophy to aging, today announced a proposed non-brokered private placement offering of 10% unsecured non-convertible debenture units (the \"Units\") pursuant to which Satellos proposes to raise gross proceeds of up to $2,250,000 (the \"Offering\"). The Company expects to use the proceeds of the Offering for corporate and general working capital purposes.Up to 2,250 Units may be issued pursuant to the Offering. Each Unit is comprised of: (i) $1,000 principal amount of unsecured non-convertible debentures of the Company (the \"Debentures\"); and (ii) for no additional consideration, such number of common shares in the capital of the Company (each whole common share, a \"Bonus Share\", and collectively, the \"Bonus Shares\") as is equal to $100 divided by $0.355, being the closing market price of the common shares of the Company on the TSX Venture Exchange (the \"TSXV\") on March 15, 2022. In the event that the maximum $2,250,000 amount of Debentures are issued in connection with the Offering, a maximum of 633,802 Bonus Shares will be issuable in connection with the Offering.The Debentures will mature on the date that is 18 months from the closing date (the \"Closing Date\") of the Offering (the \"Maturity Date\") and bear interest at a rate of 10% per annum payable quarterly in arrears in cash.Commenting on the proposed non-brokered offering, Frank Gleeson, President and CEO of Satellos noted, \"We are pleased by the continued support for Satellos from prior and new investors. This financing extends our cash runway and enables us to drive towards this year's key objectives without losing any momentum with our pre-IND development plans.\"To demonstrate continued support of the Company's growth plans, Frank Gleeson (through a holding company), as well as Geoff MacKay, the Company's Board Chair, intend to participate in the Offering. Such participation is considered a related party transaction within the meaning of Multi...