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Theralase Announces Closing of Prospectus Offering for Gross Proceeds of $17,250,000
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED S...
About this update from Theralase Technologies Inc.
[{"type":"text","content":"Theralase Announces Closing of Prospectus Offering for Gross Proceeds of $17,250,000NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESTORONTO, ON / ACCESSWIRE / August 22, 2019 / Theralase® Technologies Inc. (“Theralase” or “Company”) (TSXV: TLT) (OTCQB: TLTFF), is pleased to announce the closing of its marketed short form prospectus offering pursuant to which the Company issued 57,500,000 units of the Company (including the exercise in full of the over-allotment option) (the “Units”) at a price of $0.30 per Unit (the “Issue Price”) for gross proceeds of $17,250,000 (the “Offering”). Each Unit consisted of one common share of the Company (the “Common Shares”) and one common share purchase warrant of the Company (the “Warrants”). Each Warrant shall be exercisable to acquire one Common Share at a price of $0.35 until August 22, 2024.The Offering was led by Mackie Research Capital Corporation as the lead agent and sole bookrunner (the “Lead Agent”), on behalf of a syndicate, including Maxim Group LLC, a United States registered broker-dealer, as sub-agent for any sales of the Units in the United States only (together, the “Agents”).The Company intends to use the net proceeds of the Offering for: (i) research and development related to the Company’s Phase II Anti-Cancer Therapy Non-Muscle Invasive Bladder Cancer clinical study, (ii) the TLC-2000 rework and (iii) general corporate and working capital purposes as further described in the final short form prospectus of the Company dated August 19, 2019 (the “Prospectus”).In consideration for the services to be rendered by the Agents in connection with the Offering, the Agents received a cash fee equal to 6.0% of the gross proceeds of the Offering (other than in respect of certain “president’s list” purchaser on which a cash fee equal to 3.0% was paid) and compensation options (“Compensation Options”) equal to 6% of the Units sold pursuant of the Offering (other than in respect of certain “president’s list” purchasers on which Compensation Options equal to 2.0% of such sales were issued). Each Compensation Option is exercisable to acqui...