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Phoenix Canada Oil Company Limited Announces Successful Close of Subscription Receipt Financing Required for Reverse Takeover Transaction with ZYUS Life Sciences Inc. and Record Date for Warrant Distribution
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES TORO...
About this update from Zyus Life Sciences Corporation
[{"type":"text","content":"Phoenix Canada Oil Company Limited Announces Successful Close of Subscription Receipt Financing Required for Reverse Takeover Transaction with ZYUS Life Sciences Inc. and Record Date for Warrant DistributionNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESTORONTO, ON / ACCESSWIRE / June 6, 2023 / Phoenix Canada Oil Company Limited (TSX-V:PCO) (the \"Company\", or \"Phoenix\") and ZYUS Life Sciences Inc. (\"ZYUS\"), a private Canadian life sciences company, are pleased to announce that further to the Company's press release dated March 13, 2023, ZYUS has closed on June 5, 2023 the previously announced Subscription Receipt financing for aggregate gross proceeds of approximately $20,130,131 by issuing 12,581,332 Subscription Receipts at $1.60 per Subscription Receipt (the \"Offering Price\"). Upon the satisfaction of certain escrow release conditions customary for this type of transaction (the \"Escrow Release Conditions\"), each Subscription Receipt will, pursuant to its terms and pursuant to the Arrangement (as defined below), result in the holder thereof being issued, for no additional consideration and without any further action by its holder, 0.70444 (the \"Exchange Ratio\") of a common share of Phoenix. The gross proceeds of the Offering (less the Agents' commissions, advisory fees and expenses) will be held in escrow by TSX Trust Company (the \"Escrow Agent\") and invested pursuant to the terms of a subscription receipt agreement. If the Escrow Release Conditions are not satisfied prior to 5:00 p.m. (EST) on June 12, 2023 (the \"Escrow Deadline\"), the Escrow Agent will return to holders of Subscription Receipts an amount equal to the aggregate Offering Price of the Subscription Receipts held by them and their pro rata portion of any interest earned thereon.As further described in ZYUS's press release of March 28, 2023, the financing was comprised of a brokered private placement offering of Subscription Receipts (the \"Brokered Offering\") by Stifel Nicolaus Canada Inc. (\"Stifel GMP\"), Haywood Securities Inc. (\"Haywood\"), and Roth Canada, Inc. (\"Roth\"), acting as co-lead agents and joint bookrunners (collectively, the \"Agents\") and a non-brokered offering. Under the terms of the agency agreement between the Agents, the Company and ZYUS, the commissions and advisory fees payable ...