Advanced Proteome arranges $250,000 private placement
2020-02-14 10:22 ET - News Release
Mr. Paul Woodward reports
ADVANCED PROTEOME THERAPEUTICS ANNOUNCES A NON-BROKERED PRIVATE PLACEMENT
Subject to the approval of the TSX Venture Exchange, Advanced Proteome Therapeutics Corp. proposes to raise up to $250,000 through a non-brokered private placement of up to five million units at a price of five cents per unit. Each unit will consist of one common share and one-half of one transferable common share purchase warrant of the company, with each whole warrant exercisable for a period of 12 months from the date of closing at a price of 10 cents per share.
Finders' fees may be payable, in accordance with the policies of the exchange. All securities issued in connection with the private placement are subject to a four-month hold period in Canada.
The gross proceeds of the private placement will be used for the purposes outlined in the attached table.
Description Use of proceeds Financing the company's subsidiary for research and development activities related to the company's site-selective linker technology for the development of antibody-drug conjugates $150,000 General working capital $100,000 Total $250,000
The company confirms that there is no material fact or material change about the company that has not already been generally disclosed. Closing is expected to occur on Feb. 28, 2020.
About Advanced Proteome Therapeutics Corp.
Advanced Proteome Therapeutics has invented a proprietary protein conjugation technology that enables the development of superior antibody-drug conjugates through improved site-specific labelling, drug-antibody ratio control and enabling of combination payloads.