TSXV:CLAS.H - Post by User
Post by
Looking4Doubleson Mar 18, 2020 9:15pm
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Post# 30824403
Key Parts of New Release !
Key Parts of New Release !1.) Kalytera only has to pay $15 million at closing - which will be 37.5% of Kalytera
2.) The other $15 Million is CONDITIONED upon Stero completing milestones
USD $10 million to be paid in Kalytera common shares upon completion of either of Stero’s ongoing Phase 2a clinical studies evaluating CBD for steroid sparing in Crohn’s disease and in Chronic Urticaria, or upon completion of any other Phase 2 clinical study evaluating CBD for steroid sparing in any other indication; and USD $5 million to be paid in Kalytera common shares upon commencement of any new Phase 2a clinical study evaluating CBD for steroid sparing in any other indication.
3.) Additional closing conditions include shareholder approvals of the transaction by both the shareholders of Kalytera and Stero; Kalytera shareholder approval of a share consolidation; and closing of a USD $10 million private placement financing (the (“Private Placement”). TSX Venture Exchange regulations do not permit the Company to issue shares below a price of CDN $0.05 per share, thus it is necessary for the Company to complete the share consolidation so that the Company’s share price will be well above the CDN $0.05 threshold.