Things are coming together as the best is yet to come. Aion Therapeutics closes $499,975 private placement
2021-02-22 18:52 ET - News Release
Mr. Graham Simmonds reports
AION THERAPEUTIC ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT
Aion Therapeutic Inc. has closed a non-brokered private placement through the issuance of 6,666,333 units at a price of 7.5 cents per unit for gross proceeds of approximately $499,975. The proceeds of the offering will be used for general working capital purposes.
Each unit comprises one common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share for a period of 24 months from the closing of the offering at a price of 15 cents per common share. Furthermore, the company has the right to accelerate the expiry date to be 30 days following written notice to the holders, if during the term of the warrants the common shares close at or above 20 cents per common share on each trading day for a period of 10 consecutive trading days on the Canadian Securities Exchange.
In connection with the offering, the company paid to a certain eligible finder a cash commission of $12,498.75, equal to 5 per cent of the gross proceeds of the offering raised from subscribers introduced to the company by such finder.
The completion of the offering is subject to certain closing conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the final approval of the Canadian Securities Exchange. All securities issued in connection with the offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
About Aion Therapeutic Inc.
Aion Therapeutic (formerly Osoyoos Cannabis Inc.) has a joint venture agreement with a private, vertically integrated licensed producer under the Cannabis Act (Canada) to offer contract tolling extraction services to third party businesses. Additionally, the company recently acquired 1196691 B.C. Ltd., doing business as PCAI Pharma, and its wholly owned subsidiary, AI Pharmaceuticals Jamaica Ltd., a private corporation incorporated and operating under the laws of Jamaica. The business of AI Pharma involves research and development, treatment, data mining, and state-of-the-art artificial intelligence (machine learning) techniques, focused on the development of combinatorial pharmaceuticals, nutraceuticals and cosmeceuticals utilizing compounds from cannabis (cannabinoids), psychedelic mushrooms (psilocybin), fungi (edible mushroom), natural psychedelic formulations (Ayahuasca) and other medicinal plants in a legal environment for this type of discovery. In addition, the company is creating a strong international intellectual property portfolio related to their discoveries.
We seek Safe Harbor.