matthews backwards money LONDON, ONTARIO - TheNewswire - September 3, 2019 - Sernova Corp. (TSXV:SVA) (FSE:PSH) (OTC:SEOVF), a clinical-stage regenerative medicine company, is pleased to announce that it has completed a second closing of $2,251,065 of its non-brokered private placement, ( announced on July 25, 2019) of which an additional $67,400 was closed under the "Existing Shareholder Exemption." Total proceeds to date are $4,584,565.
In addition, the Company announces that it is increasing the maximum offering, for a total of up to $5,500,000 of Units. Each Unit in the Offering is priced at $0.20 per Unit and consists of one common share and one common share purchase warrant ("Warrant"). Each Warrant will be exercisable into one share at a price of $0.30 per share for a period of 36 months .
The Company plans to close the balance of the placement later this week.
Net proceeds from the increased portion of the private placement will be used to support funding of Sernova's clinical program including its FDA cleared US Phase I/II regenerative medicine clinical trial and to advance corporate/academic collaborations utilizing the Company's platform technology to treat diabetes, hemophilia and other serious disease conditions, as well as for investor relations and general corporate purposes.
Completion of the private placement is subject to the approval of the TSX Venture Exchange. All securities issued in connection with the private placement will be subject to a statutory hold period of four months.
This news release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933 or any state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act of 1933 and all applicable state securities laws, or an applicable exemption from registration requirements.