StageZero Life Sciences Ltd T.SZLS

>> Stagezero arranges $8-million overnight offering << $$$$$

[Davidtepperss62]

https://www.stockwatch.com/News/Item?bid=Z-C%3aSZLS-2915260&symbol=SZLS&region=C

2020-06-01 16:39 ET - News Release

 

Mr. James Howard-Tripp reports

STAGEZERO LIFE SCIENCES LTD. ANNOUNCES OVERNIGHT MARKETED PUBLIC OFFERING

Stagezero Life Sciences Ltd. has filed a preliminary short-form prospectus with the securities commissions or similar regulatory authorities in British Columbia, Alberta and Ontario in connection with an overnight marketed public offering of units of the company for gross proceeds of a minimum of $3.5-million and maximum of $8-million.

Each unit will consist of one common share in the capital of the company and one-half of one common share purchase warrant.

The offering will be conducted by Echelon Wealth Partners Inc. and Clarus Securities Inc. as co-lead agents and joint bookrunners.

The offering will be completed: (i) by way of a short-form prospectus to be filed in the Canadian jurisdictions; and (ii) outside Canada and the United States on a basis that does not require the qualification or registration of any of the company's securities under domestic or foreign securities laws.

The offering is expected to close on or about June 18, 2020, or such other date as the company and the agents may agree, and is subject to customary closing conditions, including the approval of the securities regulatory authorities and the Toronto Stock Exchange, and the issuance of a receipt for a final short-form prospectus. The size of the offering, between the minimum and maximum, and the price of the offering will be determined in the context of the market.

The company has granted the agents an option to purchase up to an additional 15 per cent of the units sold under the offering, at the issue price of the units. The overallotment option may be exercised in whole or in part to purchase common shares, warrants or units as determined by the agents upon written notice to the company at any time up to 30 days following the closing date of the offering.

The company intends to use the net proceeds of the offering for expansion of COVID-19 testing capabilities, and sales and marketing related to COVID-19 testing. Net proceeds of the offering will also be used for upgrades to the company, including new staff hiring, to meet increased demand for COVID-19 testing as well as working capital and general corporate purposes.