Advanced closes $108,000 final tranche of financing
2019-06-20 16:15 ET - News Release
Mr. Paul Woodward reports
ADVANCED PROTEOME THERAPEUTICS ANNOUNCES CLOSING OF FINAL TRANCHE OF A NON-BROKERED PRIVATE PLACEMENT
Advanced Proteome Therapeutics Corp., further to its news release of June 6, 2019, and subject to the approval of the TSX Venture Exchange, has closed the final tranche of a non-brokered private placement raising additional gross proceeds of $108,000 by the issuance of 1.08 million units at a price of 10 cents per unit. Total proceeds raised in both tranches of the private placement are $430,000 through the issuance of 4.3 million units.
Each unit consists of one common share and one-half of one transferable common share purchase warrant of the company, with each whole warrant exercisable for a period of 12 months from the date of closing at a price of 15 cents per share.
The company paid a finder's fee of 6 per cent cash to PI Financial Corp. All securities issued in connection with the private placement are subject to a four-month hold period in Canada.
The gross proceeds of the private placement will be used for financing of the company's subsidiary for research and development activities related to the company's site-selective linker technology, for the development of antibody-drug conjugates, and for general working capital.
The company confirms that there is no material fact or material change about the company that has not already been generally disclosed.
About Advanced Proteome Therapeutics Corp.
Advanced Proteome, through its subsidiary Advanced Proteome Therapeutics Inc., is developing a proprietary technology to directly target cancerous tumors and avoid destroying normal cells. This type of agent is capable of greater potency, higher specificity and lower toxicity than other therapies that can also attack healthy cells. Advanced Proteome is working to streamline the process by which these agents are prepared which, to date, has been extremely cumbersome, limiting their potential.
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