RE:NewsI wouldn’t have believed it for $0.30 per share. Obviously rae selphie wasn’t involved in this.
bio. Does crow go well with turnips?
LONDON, ONTARIO - TheNewswire - September 9, 2020 - Sernova Corp. (TSXV:SVA) (OTC:SEOVF) (FSE:PSH) , a clinical-stage regenerative medicine therapeutics company, is pleased to announce that the Company has secured a $2 million lead order in connection with a proposed non-brokered private placement.
"Strategic investors approached Sernova management following successful achievement of key milestones to provide additional financing to accelerate our recently acquired cellular local immune protection technology to the clinic with the goal to eliminate the need for systemic immune protection medications for cell therapy therapeutic applications as well as further support our U.S. Phase I/II diabetes clinical trial at the University of Chicago," said Dr. Philip Toleikis, President & CEO Sernova Corp. "The favourable terms of the lead order also reflect investors' optimism for Sernova's clinical trial progression. "
Up to 10 million units of the Company would be issued in the private placement at a price of $0.30 per unit for up to $3.0 million. Each unit would consist of one common share and one full warrant. Each warrant would be exercisable into a common share at a price of $0.35 per share for a period of 24 months from the date of issue , subject to abridgment of the exercise period if the 10-day volume-weighted average price of the Company's shares exceeds $0.50 per share.
Investors qualified under applicable securities laws interested in participating in the private placement may contact the Company (see the contact information provided below). The terms and conditions of any subscription, including qualification criteria under applicable securities laws, will be set out in the subscription agreement for the private placement.
Offering proceeds will be used to accelerate development of our recently acquired cellular local immune protection technology, further our immune-protected diabetes stem cell-derived program and support the Company's U.S. Phase I/II diabetes clinical trial.
All securities issued in connection with the private placement will be subject to a statutory hold period of four months. Completion of the private placement is subject to the receipt of customary approvals, including approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a 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 United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.