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Satellos Bioscience Inc. Announces Filing of Final Short Form Prospectus for Proposed Offering of Common Shares
Toronto, Ontario--(Newsfile Corp. - May 10, 2023) - Satellos Bioscience Inc. (TSXV: MSCL) (" Sa...
About this update from Satellos Bioscience Inc
[{"type":"text","content":"Satellos Bioscience Inc. Announces Filing of Final Short Form Prospectus for Proposed Offering of Common SharesToronto, Ontario--(Newsfile Corp. - May 10, 2023) - 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 today that it has filed its final short form prospectus (the \"Prospectus\") with the securities regulatory authorities in the Provinces of British Columbia, Alberta and Ontario in connection with the Company's previously announced public offering of common shares of the Company (\"Common Shares\") (or pre-funded common share purchase warrants (\"Pre-Funded Warrants\" and, together with the Common Shares, the \"Securities\") of the Company in lieu of Common Shares) (the \"Offering\"). The Offering is being conducted on a commercially reasonable \"best efforts\" agency basis at a price of $0.50 per Common Share (or $0.49999 per Pre-Funded Warrant), for minimum gross proceeds of $25,000,000 and maximum gross proceeds of $55,000,000. Each Pre-Funded Warrant issued in lieu of a Common Share at the election of any purchaser entitles the holder thereof to acquire one common share (a \"Warrant Share\") at a nominal exercise price of $0.00001 and the Pre-Funded Warrants will not expire. The Offering will be conducted pursuant to the terms and conditions of an agency agreement that has been entered into between the Company and Bloom Burton Securities Inc. (the \"Agent\"). The completion of the Offering may occur in one or more separate closings on one or more dates (each, a \"Closing Date\") as the Company and the Agent may agree. It is expected that the initial closing will occur on or about May 15, 2023, or such other date as may be mutually agreed to by the Company and the Agent. There can be no assurance as to whether or when the Offering may be completed, or as to the actual size of the Offering. The TSX Venture Exchange (\"TSXV\") has conditionally approved the listing of the Common Shares, the Warrant Shares and common shares underlying the Compensation Options (as defined below). Listing will be subject to the Company fulfilling all of the TSXV's listing requirements. The Company intends to use the net proceeds from the Offering to advance its lead pr...