RE:RE:RE:what is happening?
Kalytera lowers unit price in $3M financing to 11 cents
2018-07-26 10:01 ET - News Release
Mr. Robert Farrell reports
KALYTERA THERAPEUTICS ANNOUNCES FILING OF AMENDED AND RESTATED SHORT FORM PROSPECTUS
Kalytera Therapeutics Inc. has filed an amended and restated preliminary short form prospectus with securities regulatory authorities in the provinces of Alberta, British Columbia and Ontario in connection with its previously announced marketed offering of units of the company for gross proceeds of $3-million to $10-million.
The amended and restated prospectus amends and restates the preliminary short form prospectus filed by Kalytera on July 9, 2018. Pursuant to the amended and restated prospectus, each unit will be offered at an issue price of 11 cents (instead of 13 cents) per unit. The other terms of the units will remain unchanged, such that each unit will consist of one common share in the company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share at a price of 15.5 cents for a period of 36 months from the closing date.
The company intends to use the net proceeds of the offering to pay milestone payments owing to the former shareholders of Talent Biotechs Ltd., for research and development expenses, and for general and administration expenses.
As previously announced, Echelon Wealth Partners Inc. will conduct the offering on a commercially reasonable efforts basis as the company's agent for the offering in Canada. The units may also be offered for sale in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state laws.
Echelon shall be entitled to a cash commission equal to 7.5 per cent of the gross proceeds of the offering, which shall be payable on the closing date. Echelon shall also be granted broker warrants to acquire that number of units equal to 5 per cent of the number of common shares sold in the offering. Each broker warrant will entitle the holder thereof to acquire one common share at a price of 11 cents for a period of 24 months from the closing of the offering.
Closing of the offering is expected to occur on or about Aug. 3, 2018. The offering is subject to certain conditions including, but not limited to, the entering into of a definitive agency agreement and the receipt of all necessary regulatory and stock exchange approvals, including the approval of the TSX Venture Exchange.
For further details with respect to the offering, please see the amended and restated preliminary prospectus, a copy of which is available on SEDAR.
About Kalytera Therapeutics Inc.
Kalytera Therapeutics is pioneering the development of CBD therapeutics. Through its proven leadership, drug development expertise and intellectual property portfolio, Kalytera seeks to establish a leading position in the development of CBD medicines for a range of important unmet medical needs, with an initial focus on GVHD and treatment of acute and chronic pain.