Not just another Friday Today is the day that the people at Trillium change their jerseys. They will now be part of SCT as will all of their great potential in the pipeline. With this in place, things should start to happen. Very exciting times ahead I would suspect.
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TORONTO, ONTARIO--(Marketwire - March 28, 2013) - Stem Cell Therapeutics Corp. (TSX VENTURE:SSS) ("SCT"), a life sciences company developing stem cell-related technologies, today announced that it has signed a definitive debenture purchase and merger agreement with Trillium Therapeutics Inc. ("Trillium") and its debenture holders, who also comprise the preferred shareholders. The debenture holders, who intend to vote in favour of the merger at a meeting of shareholders of Trillium to be held on April 5, 2013, have converted their preference shares to common shares and now hold greater than the two-thirds majority of the common shares required to approve the merger. SCT believes that the merger will be concluded, subject to certain events required by SCT.
SCT and Trillium previously announced the signing of a Letter of Agreement on February 4, 2013, and provided the details of the merger. The originally anticipated closing date of March 31, 2013 has been extended by mutual consent of SCT and Trillium to accommodate the timing of the Trillium shareholder meeting.
SCT also announced that it has met the conditions to exercise the option to exclusively license the clinical stem cell program from the University Health Network and MaRS Innovation announced on November 7, 2012, and is proceeding to finalize the corresponding license agreement.
In other news, the Company has closed its U.S. private placement offering of units. Gross proceeds from the two financings, including the previously announced shelf prospectus drawdown on March 15, 2013, now total $3,185,080. Griffin Securities and Roth Capital Partners served as financial advisors in the U.S.
This news release shall not constitute an offer to sell nor the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.