Telo Genomics Announces Private Placement of Units

About this update from Telo Genomics Corp.

[{"type":"text","content":"Telo Genomics Announces Private Placement of UnitsToronto, Ontario--(Newsfile Corp. - May 19, 2023) - Telo Genomics Corp. (TSXV: TELO) (OTCQB: TDSGF) (the \"Company\" or \"Telo\") is pleased to announce a non-brokered private placement of units (\"Units\") at a price of $0.25 per Unit for gross proceeds of $2,000,000 (the \"Offering\"). Each Unit will consist of one common share of the Company (a \"Common Share\") and one-half of one non-transferable common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant will entitle the holder to acquire one additional Common Share at a price of $0.40 per Common Share for a period of 24 months from the date of issuance. In connection with the Offering, the Company may pay a finder's fee to eligible arm's length parties. The finder's fee may consist of a cash fee equal to 7% of the gross proceeds raised under the Offering and finder's warrants equal in number to 7% of the Units sold under the Offering. Each finder's warrant will entitle the holder to acquire one Common Share of the Company at a price of $0.25 per Common Share for a period of 12 months from the date of issuance.The Company intends to use the net proceeds of the Offering to fund its commercial plan to launch the Company's lead product for smoldering multiple myeloma, the Company's ongoing collaborative studies with the Mayo Clinic in multiple myeloma, to achieve the ISO 15189 certification and the certified Clinical Laboratory Improvement Amendments (CLIA) accreditation, and for general working capital purposes.The securities issued pursuant to the Offering will be subject to a four-month hold period from the date of issuance, in accordance with applicable securities laws. The Offering is subject to TSX Venture Exchange acceptance. The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, s...

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