Pascal Bio completes $230,765 shares-for-debt deal at 0.20¢ 2020-12-14 20:21 ET - News Release
Dr. Patrick Gray reports
PASCAL ANNOUNCES COMPLETION OF SHARES FOR DEBT SETTLEMENT
Further to Pascal Biosciences Inc.'s news releases dated Oct. 30, 2020, and Nov. 2, 2020, wherein it announced the settlement of $230,765 indebtedness by the issuance of 1,153,825 common shares of the company, and the company has received the approval of the TSX Venture Exchange for its shares-for-debt transaction. A total of 1,153,825 common shares, representing aggregate consideration of $230,765, were issued to two directors and/or senior officers of the company at a price of 20 cents per common share.
The insider issuances constitute a "related party transaction" within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions as insiders of the company received 1,153,825 common shares of the company in connection with the debt settlement. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the shares for debt transaction with the insider does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101.
All shares issued pursuant to the settlements are subject to a statutory four-month hold period from the date of the issuance.
About Pascal Biosciences Inc.
Pascal is a biotechnology company advancing innovative therapies for serious diseases, including COVID-19 and cancer. Pascal's leading cannabinoid is presently in preclinical development for COVID-19, having demonstrated striking efficacy in multiple SARS-CoV-2 infectivity assays. Pascal's strong commitment to cancer therapy is reflected its oncology portfolio. The three major programs include two small-molecule therapeutics: PAS-403, which is advancing into clinical trials for the treatment of glioblastoma; and PAS-393, an immuno-stimulatory cannabinoid to be used in combination with checkpoint inhibitor therapy. Pascal is also developing a uniquely specific, targeted therapy for acute lymphoblastic leukemia.