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Satellos Bioscience Inc. Announces the Filing of Final Short Form Prospectus for Proposed Offering of Units
Toronto, Ontario--(Newsfile Corp. - September 7, 2022) - Satellos Bioscience Inc. (TSXV: MSCL...
About this update from Satellos Bioscience Inc
[{"type":"text","content":"Satellos Bioscience Inc. Announces the Filing of Final Short Form Prospectus for Proposed Offering of UnitsToronto, Ontario--(Newsfile Corp. - September 7, 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 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 units (\"Units\") at a price of $0.40 per Unit for minimum aggregate gross proceeds of $3,500,000 and maximum gross proceeds of $5,000,000 (the \"Offering\"). The Offering is undertaken on a best efforts agency basis in the provinces of British Columbia, Alberta and Ontario through a syndicate of agents led by Bloom Burton Securities Inc., as lead agent (the \"Lead Agent\"), and includes Leede Jones Gable Inc. and PI Financial Corp. (collectively with the Lead Agent, the \"Agents\") pursuant to the terms and conditions of an agency agreement dated the date hereof between the Company and the Agents. Each Unit will consist of one common share of the Company (a \"Common Share\") and one-half of one Common Share purchase warrant of the Company (each whole Common Share purchase warrant, a \"Warrant\"). Each Warrant will entitle the holder thereof to acquire one Common Share for a period of thirty-six (36) months from the date of issuance of such Warrant, at an exercise price of $0.60, subject to and in accordance with the terms and conditions of the warrant indenture to be entered into between the Company and Computershare Trust Company of Canada (the \"Warrant Indenture\"), including adjustment in certain circumstances.The Company has agreed to pay 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 ...