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Sernova Announces Closing of C$23 Million Bought Deal Financing Including Full Exercise of Over-Allotment Option
(TheNewswire) LONDON, ONTARIO – TheNewswire - ...
About this update from Sernova Biotherapeutics Inc
[{"type":"text","content":"Sernova Announces Closing of C$23 Million Bought Deal Financing Including Full Exercise of Over-Allotment Option\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n LONDON, ONTARIO –\n \n \n TheNewswire -\n \n \n March 1, 2021 – Sernova Corp.\n(“Sernova” or the “Company”) (TSXV:SVA) (OTC:SEOVF)\n(Frankfurt/Xetra:PSH)\n \n \n , a leading clinical-stage\nregenerative medicine therapeutics company, is pleased to announce\nthat it has closed its previously announced bought deal financing of\n16,700,000 units of the Company (the “\n \n \n Units\n \n \n ”) at a price\nof\n \n \n C$1.20 per Unit (the “\n \n \n Issue Price\n \n \n ”), and\nthe exercise in full of the Over-Allotment Option of 2,505,000 Units\nat the Issue Price, for aggregate gross proceeds to the Company of\napproximately C\n \n \n $23,046,000 (the “\n \n \n Offering\n \n \n ”).\n \n \n \n \n Each Unit is comprised of one common share of the\nCompany (a “\n \n \n Common\nShare\n \n \n ”) and one Common Share purchase warrant\n(a “\n \n \n Warrant\n \n \n ”). Each Warrant entitles the holder thereof to purchase\none Common Share (as “\n \n \n Warrant Share\n \n \n ”) at an exercise price of\nC$1.70 (the “\n \n \n Exercise\nPrice\n \n \n ”) until March 1, 2023. The expiry date\nof the Warrants may be accelerated by the Company if the daily volume\nweighted average trading price of the Common Shares on the TSX Venture\nExchange (the “\n \n \n Exchange\n \n \n ”) is greater than C$3.05 for the\npreceding ten (10) consecutive trading days, at which time the Company\nmay accelerate the expiry date of the Warrants by providing notice to\nthe holders of Warrants or issuing a news release announcing such\nacceleration, whereupon the Warrants will expire not less than 30 days\nafter the date of such notice or news release.\n \n \n \n \n The Offering was conducted on a “bought deal”\nbasis, led by Canaccord Genuity Corp. and Leede Jones Gable Inc. as\nco-lead underwriters (together, the “\n \n \n Underwriters\n \n \n ). As\nconsideration for their services in connection with the Offering, the\nCompany paid to the Underwriters: (i) a cash commission of $1,452,981;\n(ii) a corpor...