Telo Genomics Completes First Tranche of Oversubscribed Private Placement
Toronto, Ontario--(Newsfile Corp. - July 2, 2021) - Telo Genomics Corp. (TSXV: TELO) (the "Company" or "TELO") announces that it has closed the first tranche of its previously announced non-brokered private placement ("Offering") of units (the "Units").
The Company issued a total of 4,185,500 Units at a price of $0.50 per Unit for gross proceeds of $2,092,750 under the first tranche of the Offering. Each Unit issued consisted of one common share of the Company (a "Common Share") and one-half of one non-transferable common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to acquire one additional Common Share at a price of $0.75 per Common Share until December 30, 2022.
In connection with the first tranche of the Offering, the Company paid finder's fees in cash as follow s: $57,925 to Leede Jones Gable Inc., $38,850 to Research Capital Corporation, and $5,127.50 to Haywood Securities Inc. The Company also issued finder's warrants (the "Finder's Warrants") to eligible finders as follows: 115,850 Finder's Warrants to Leede Jones Gable Inc., 77,700 Finder's Warrants to Research Capital Corporation, and 10,255 Finder's Warrants to Haywood Securities Inc. Each Finder's Warrant entitles the holder to acquire one common share of the Company at a price of $0.50 per share until June 30, 2022.
The Company intends to use the net proceeds of the Offering to fund the Company's ongoing collaborative studies with the Mayo Clinic in multiple myeloma, the construction or purchase of a certified Clinical Laboratory Improvement Amendments (CLIA) lab, the exploration of additional indications and for general working capital purposes.
The Company intends to complete the second and final tranche of the Offering on or around July 2, 2021 for gross proceeds of approximately $195,000.
The securities issued pursuant to the first tranche of the Offering are subject to a statutory four month hold period ending on October 31, 2021 in accordance with applicable securities laws. The Offering is subject to final approval from the TSX Venture Exchange.
The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.
About Telo Genomics
Telo Genomics is a biotech company pioneering the most comprehensive telomere platform in the industry with powerful applications and prognostic solutions. These include liquid biopsies and related technologies in oncology and neurological diseases. Liquid biopsy is a rapidly growing field of significant interest to the medical community for being less invasive and more easily replicated than traditional diagnostic approaches. By combining our team's considerable expertise in quantitative analysis of 3D telomeres with molecular biology and artificial intelligence to recognize disease-associated genetic instability, Telo Genomics is developing simple and accurate products that improve day-to-day care for patients by serving the needs of pathologists, clinicians, academic researchers and drug developers. The benefits of our proprietary technology have been substantiated in over 150 peer reviewed publications and in 25 clinical studies involving more than 3,000 patients with multiple cancers and Alzheimer's disease. Our lead application, Telo-MM is being developed to provide important, actionable information to medical professionals in the treatment of Multiple Myeloma, a deadly form of blood cancer. For more information please visit www.telodx.com
For further information, please contact:
Hugh Rogers,
Director
416-673-8487
info@telodx.com
MaRS Centre, South Tower,
101 College Street, Suite 200,
Toronto, ON, M5G 1L7
www.telodx.com