Private Placement closesFrom Stockwatch:
Mr. Andrew Schutte reports
REPLICEL ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT
RepliCel Life Sciences Inc. has completed its previously announced non-brokered private placement, as described in its news release dated Jan. 26, 2023, pursuant to which it has issued an aggregate of 10,131,000 units at a price of 10 cents per unit for gross proceeds of $1,013,100. Each unit consists of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant is exercisable into one additional share at a price of 20 cents per share for a period of four years from the closing date.
The net proceeds from the sale of the offering will be used for general working capital purposes.
The securities issued under the offering, and the shares that may be issuable on exercise of the warrants, are subject to a statutory hold period expiring four months and one day from the date of closing.
Each of Andrew Schutte, a director and officer of the company, and Jamie Mackay, a 10-per-cent shareholder of the company, participated in the offering and each are considered to be a related party within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions and each issuance is considered to be a related party transaction within the meaning of MI 61-101 but each issuance will be exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(b) as the company's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(a) of MI 61-101 in that the fair market value of the consideration of the shares to be issued to each related party does not exceed 25 per cent of the company's market capitalization.
How many shares do Andrew and Jamie now have? How many shares are now outstanding ?
Now that we have had 2 PP's in the last 2 1/2 months totally over $2,000,000 hopefully they now have enough working capital to see out the Shiseido Arbitration and bring the Dermal Injector to market. It also sends a bit of a statement to Shiseido that they have more than adequate working capital to see the end of this Arbitration if necessary.