Telo Genomics Completes Oversubscribed Private Placement

About this update from Telo Genomics Corp.

[{"type":"text","content":"Telo Genomics Completes Oversubscribed Private PlacementToronto, Ontario--(Newsfile Corp. - June 14, 2023) - Telo Genomics Corp. (TSXV: TELO) (OTCQB: TDSGF) (the \"Company\" or \"Telo\") announces that it has closed its previously announced non-brokered private placement (\"Offering\") of units (the \"Units\"). The Company issued a total of 11,335,500 Units at a price of $0.25 per Unit for gross proceeds of $2,833,875. Each Unit issued consisted 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 until June 13, 2025.In connection with the Offering, the Company paid a total of $173,503.75 finder's fees in cash and issued a total of 694,015 finder's warrants (the \"Finder's Warrants\") to arm's length finders. Each Finder's Warrant entitles the holder to acquire one common share of the Company at a price of $0.25 per share until June 13, 2024.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 are subject to a statutory four month hold period ending on October 14, 2023 in accordance with applicable securities laws.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, state or jurisdiction.About Telo Genomics Telo Genomics is a biotech company pioneering the most comprehensive telomere platform in the...

More updates from Telo Genomics Corp.