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Satellos Bioscience Inc. Announces Closing of Offering of Units
Toronto, Ontario--(Newsfile Corp. - September 13, 2022) - Satellos Bioscience Inc. (TSXV: MSC...
About this update from Satellos Bioscience Inc
[{"type":"text","content":"Satellos Bioscience Inc. Announces Closing of Offering of UnitsToronto, Ontario--(Newsfile Corp. - September 13, 2022) - Satellos Bioscience Inc. (TSXV: MSCL) (\"Satellos\" or the \"Company\"), a regenerative medicine company aimed at developing therapeutics that change the way degenerative muscle diseases are treated, is pleased to announce the closing of its previously announced public offering (the \"Offering\") of units of the Company (\"Units\"), whereby an aggregate of 8,750,000 Units were issued at a price of $0.40 per Unit, raising gross proceeds of $3,500,000. Each Unit consisted of one common share of the Company (each, a \"Common Share\") and one-half of one Common Share purchase warrant of the Company (each whole Common Share purchase warrant, a \"Warrant\"), with each Warrant being exercisable into one Common Share at a price of $0.60 until expiry on September 13, 2025.The Offering was conducted on a best efforts agency basis by a syndicate of agents led by Bloom Burton Securities Inc., as lead agent, and included Leede Jones Gable Inc. and PI Financial Corp. (collectively, the \"Agents\"). The Agents were paid a cash fee equal to 7.0% of the gross proceeds raised under the Offering and were granted compensation options equal to 7.0% of the number of Units issued under the Offering (the \"Compensation Options\"). Each Compensation Option entitles the Agent to buy one Common Share at a price of $0.40 until expiry on September 13, 2024.The Units were qualified for sale by way of a final short form prospectus dated September 6, 2022 (the \"Prospectus\") filed by the Company in each of the provinces of British Columbia, Alberta, and Ontario pursuant to National Instrument 44-101 - Short Form Prospectus Distributions, and by way of private placement in the United States and to, or for the account or benefit of, persons in the \"United States\" or \"U.S. persons\" (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\")), pursuant to exemptions from the registration requirements under the U.S. Securities Act, and pursuant to all applicable U.S. state securities laws.The net proceeds from the Offering will be used to advance the Company's lead program for thediscovery and development of a small molecule drug for the treatment of Duchenne muscular dy...