Sernova Announces Up to $4 Million Private Placement Priced at a Premium

About this update from Sernova Biotherapeutics Inc

[{"type":"text","content":"Sernova Announces Up to $4 Million Private Placement Priced at a Premium\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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n THIS NEWS RELEASE IS NOT INTENDED\nFOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION\nIN THE UNITED STATES.\n \n\n\n\n\n\n\n LONDON, ONTARIO –\n \n\n TheNewswire -\n \n\n August 20, 2024 - Sernova\nCorp. (TSX: SVA) (OTCQB: SEOVF) (FSE: PSH) is pleased to announce that\nthe Company has secured over $2 million in lead orders in connection\nwith a non-brokered private placement offering (the “Offering”)\nfor up to $4 million units priced at a premium to the market.\n \n\n\n\n Each unit is priced at $0.25, and consists of one\ncommon share and one warrant. Each warrant is priced at $0.30 per\nshare and is exercisable for a period of 18 months, subject to\nSernova’s option to shorten the exercise period if the 20-day\nvolume-weighted average price of the Company’s shares exceeds\n$0.50.\n \n\n\n\n The net proceeds from the\n \n\n private\nplacement will be used\n \n\n to continue enrolment in\nthe Company's\n \n\n US-based\n \n\n Phase\n \n\n I/II Type 1 diabetes\n \n\n clinical trial, to\n \n\n advance an IND\nfiling for its post-operative hypothyroidism program and for general\ncorporate purposes.\n \n\n\n\n Newly appointed Sernova CEO Jonathan Rigby stated,\n“We are pleased to announce a financing round led by legacy\ninvestors with insider participation. Our goal is to secure sufficient\ncapital to maintain ongoing clinical initiatives. The company recently\nannounced that data from its ongoing clinical trial of its Cell\nPouch™ technology containing donor Islet cells to treat Type 1\ndiabetes will be presented at the European Association for the Study\nof Diabetes (EASD), 9-13 September in Madrid, Spain\n \n\n .”\n \n\n\n\n All securities issued in connection with the private\nplacement will be subject to a statutory hold period of four months.\nCompletion of the private placement is subject to customary closing\nconditions, including acceptance of the TSX. The private placement is\nexpected to close prior to August 28, 2024.\n \n\n\n\n The Company expects insider participation in the\nOffering, which may be considered a related party transaction within\nthe meaning of Multilateral Instrume...

More updates from Sernova Biotherapeutics Inc