(via Thenewswire.ca)
Toronto, Ontario - November 7, 2013 Theralase Technologies Inc. (TSX-V: TLT) announced today that it has completed an oversubscribed equity financing raising CAN $3,150,000 via private placement offering. ("Private Placement")
The Private Placement provided 21,000,000 units ("Units") for purchase by accredited investors, with each Unit comprised of one (1) common share and one (1) non-transferable common share purchase warrant. In connection with the financing, the Company paid a finder's fee of 10% of the gross proceeds raised and warrants to purchase 10% of the shares sold. Each warrant will entitle the holder to purchase one (1) additional common share at a price of $0.20 per share until November 7, 2015. The securities issued under the Private Placement, including any shares issued upon exercise of the warrants will be subject to a four (4) month holding period ending March 7, 2014.
The company will utilize the proceeds of the Private Placement to provide working capital to develop the Company's strategic initiatives in a number of areas, specifically:
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-- Canadian and USA sales and marketing expansion
-- Launch of patented next generation Theralase TLC-2000 therapeutic laser in 2014
-- Completion of patented bladder cancer technology preclinical investigation and commencement of Phase 1/2a clinical study in 2014
As a condition of closing, the Chairman of the Board of the Corporation is required to sell 8,000,000 common shares to third parties following which he will cease to be a "Control Person", as defined under Canadian securities laws.
About Theralase Technologies Inc.:
Theralase Technologies Inc., founded in 1995, designs, develops, manufactures and markets patented, superpulsed laser technology utilized in both healing and destroying tissue. The healing technology is safe and effective in the treatment of pain, inflammation and the acceleration of tissue healing for a wide range of nerve, muscle and joint conditions. The destructive technology enlists patented Photo Dynamic Compounds (PDCs), which when light activated, have the ability to specifically target and effectively destroy cancer, bacteria and viruses.
For further information please visit www.theralase.com, regulatory filings may be viewed by visiting www.sedar.com.
This press release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. The Company disclaims any obligation to update these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchanges) accepts responsibility for the adequacy or accuracy of this release.
For More Information
Roger Dumoulin-White
President & Chief Executive Officer
416-699-LASE (5273) ext. 225
rwhite@theralase.com
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