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Satellos Bioscience Inc. Announces the Filing of an Amended and Restated Preliminary Prospectus for Proposed Offering of Units
Toronto, Ontario--(Newsfile Corp. - August 29, 2022) - Satellos Bioscience Inc. (TSXV: MSCL) ...
About this update from Satellos Bioscience Inc
[{"type":"text","content":"Satellos Bioscience Inc. Announces the Filing of an Amended and Restated Preliminary Prospectus for Proposed Offering of UnitsToronto, Ontario--(Newsfile Corp. - August 29, 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, announced today that it has filed an amended and restated preliminary short form prospectus (the \"Amended and Restated Preliminary Prospectus\") with the securities regulatory authorities in the Provinces of British Columbia, Alberta and Ontario, amending and restating the Company's preliminary prospectus dated July 11, 2022. The Amended and Restated Preliminary Prospectus has been filed in connection with the previously announced proposed offering of units of the Company (\"Units\") for minimum aggregate gross proceeds of $3,500,000 and maximum gross proceeds of $5,000,000 (the \"Offering\"). Each Unit consists of one common share of the Company (\"Common Share\") and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a \"Warrant\"). Each Warrant entitles the holder thereof to purchase one Common Share at any time until for a period of thirty-six (36) months from the date issued. The price of the Units will be determined by negotiation between the Company and the Agents (as defined herein) in the context of the market with the final pricing terms to be determined at the time of filing the final prospectus in connection with the Offering. As previously discussed, the Offering will be led by Bloom Burton Securities Inc., as lead agent, Leede Jones Gable Inc. and PI Financial Corp. (collectively, the \"Agents\") on a best efforts agency basis. The Company will pay to the Agents a cash fee equal to 7.0% of the gross proceeds raised under the Offering, and grant the Agents compensation options equal to 7.0% of the number of Units issued under the Offering (the \"Compensation Options\"). Each Compensation Option shall entitle an Agent to buy one Common Share at the same price per Unit under the Offering. The Compensation Options shall be exercisable until that date which is 24 months following the closing of the Offering.The Company intends to use the net proceeds from the Offering to advance its lead progr...