Stagezero to raise up to $10M in public offering Mr. James Howard-Tripp reports
STAGEZERO LIFE SCIENCES LTD. ANNOUNCES PRICING OF PUBLIC OFFERING
Stagezero Life Sciences Ltd.'s previously announced marketed offering of units of the company will consist of a minimum of 6,410,300 units and a maximum of 12,820,600 units for gross proceeds of a minimum of approximately $5-million and maximum of approximately $10-million. In respect of the foregoing, Stagezero will file today an amended and restated preliminary short-form prospectus to amend and restate the preliminary short-form prospectus dated Oct. 19, 2020.
Each unit will be offered at a price of 78 cents per unit and will comprise one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at an exercise price of $1.10 for a period of 36 months following the first closing date of the offering. The offering will be made in the provinces of British Columbia, Alberta, Saskatchewan and Ontario on a best efforts agency basis by Echelon Wealth Partners Inc. and Clarus Securities Inc. as co-lead agents and joint bookrunners. The company has also agreed to grant to the agents an overallotment option to sell up to an additional 15 per cent of the number of units, or their constituent common shares or warrants, offered in the offering, so long as the aggregate number of additional units, common shares or warrants, as the case may be, does not exceed 15 per cent of the number of units, common shares or warrants issued under the offering (excluding the overallotment option). The overallotment option is exercisable for a period of 30 days following the last closing under the offering.
The offering will be completed: (i) by way of a short-form prospectus to be filed in the Canadian jurisdictions and (ii) outside Canada 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 Nov. 12, 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 in the Canadian jurisdictions 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, will be determined in the context of the market.
The company intends to use the net proceeds of the offering for development of its testing facility in Richmond, Va., working capital and general corporate purposes.
The preliminary short-form prospectus is filed on SEDAR.
About Stagezero Life Sciences Ltd.
Stagezero Life Sciences is dedicated to the early detection of multiple disease states through whole blood. The company operates a CAP-accredited and CLIA-certified high-complexity reference laboratory based in Richmond, Va. A specialist in PCR testing for the early identification of cancer through blood, the company is uniquely positioned to provide both COVID-19 PCR testing (nasal swab) and blood test analysis (antibody testing). Its full-service telehealth platform includes access to physicians and phlebotomist who can prescribe and draw samples for individuals and groups. As Stagezero provides COVID-19 tests during this pandemic, it continues making progress with its mission to eradicate late-stage cancers through early detection. Its next-generation test, Aristotle, is a multicancer panel for simultaneously screening for 10 cancers from a single sample of blood with high sensitivity and specificity for each cancer.