Business
Satellos Bioscience Enters Into an Agreement with ICP Securities Inc. to Provide Market Making Services
Toronto, Ontario--(Newsfile Corp. - September 7, 2023) - Satellos Bioscience Inc.  (TSXV: M...
About this update from Satellos Bioscience Inc
[{"type":"text","content":"Satellos Bioscience Enters Into an Agreement with ICP Securities Inc. to Provide Market Making ServicesToronto, Ontario--(Newsfile Corp. - September 7, 2023) - Satellos Bioscience Inc. (TSXV: MSCL) (OTCQB: MSCLF) (\"Satellos\" or the \"Company\"), a public biotech company developing new small molecule therapeutic approaches to improve the treatment of muscle diseases and disorders, announced today that it has entered into an agreement with ICP Securities Inc. (\"ICP\"), a dealer member in good standing with the Canadian Investment Regulatory Organization, to provide market making services for the securities of Satellos Bioscience Inc. in accordance with TSX Venture Exchange (\"TSXV\") policies, subject to the receipt of approval by the TSXV. The services agreement aims to assist in maintaining a reasonable market and improving the liquidity of Satellos securities. The Company has agreed to pay a service fee of $7,500 per month for an initial term of four months. There are no performance factors contained in the agreement and ICP will not receive shares or options as compensation.ICP, established in 2023, is based in Toronto and specializes in market making and liquidity provision, leveraging its own proprietary technology to deliver liquidity provision and execution services to a broad array of public issuer and institutional investors.Satellos and ICP are unrelated and unaffiliated entities. ICP has informed Satellos that, except as set out below, it does not currently own any securities of Satellos; however, ICP and its clients may acquire a direct interest in the securities of the Company.Satellos is also announcing that it has engaged Insight Capital Partners Inc. (\"Insight\"), an affiliate and owner of ICP, to provide capital markets advisory services to the Company. The Company has granted Insight stock options to purchase up to 150,000 common shares of Satellos. Such stock options are exercisable at a price of $0.41 per share for a period of 2 years from the date of grant. The options vest monthly at the rate of 8,333 options per month for a period of seventeen consecutive months and at the rate of 8,339 options for the eighteenth and final month from the grant date. Insight also holds vested options to purchase 126,000 common shares of Satellos pursuant to previous engagements between Insight and the Company.Satell...