NEWS
Pascal Biosciences arranges $5M private placement 2018-02-23 11:23 ET - News Release Dr. Patrick Gray reports PASCAL BIOSCIENCES INC. ANNOUNCES NON-BROKERED PRIVATE PLACEMENT Pascal Biosciences Inc. has arranged a non-brokered private placement of up to 12.5 million units at a price of 40 cents per unit for gross proceeds of up to $5-million. Each unit will consist of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the company at a price of 60 cents per share for a period of 12 months from the date of closing, subject to an exercise acceleration clause. Under the exercise acceleration clause, which the company may exercise once the units are free of resale restrictions and if the company's shares are trading at or above a volume weighted average price of 80 cents for 10 consecutive trading days, the warrants will expire upon 30 days from the date the company provides notice in writing to the warrant holders via a news release. The proceeds from the sale of units will be added to working capital in furtherance of the company's business. The securities to be issued under the placement will be subject to a four-month hold period and the private placement is subject to the acceptance of the TSX Venture Exchange. About Pascal Biosciences Inc. Pascal Biosciences is a drug discovery and development company focused on harnessing the body's immune system to fight cancer. The company's three significant technologies are: 1. Utilizing proprietary screening systems for identifying novel compounds that are able to restore immune recognition and killing of cancer cells; 2. Exploiting the regulation of specific calcium channels expressed by cells of the immune system. By regulating these calcium channels, immune activity can be controlled to combat cancers, infections and autoimmune diseases; 3. Developing a therapeutic monoclonal antibody for B-cell precursor acute lymphoblastic leukemia, the most common childhood leukemia, in collaboration with the University of New Mexico.