Net proceeds to fund Sernova's collaborations and a US-based clinical trial anticipated to commence in the second half of
2016
LONDON, ONTARIO--(Marketwired - June 21, 2016) - Sernova Corp. ("Sernova" or the "Company") (TSX
VENTURE:SVA)(OTCQB:SEOVF)(FRANKFURT:PSH) announced today that it has arranged a non-brokered private placement for gross proceeds
of $2,000,000. The private placement consists of 8,000,000 units (the "Units") at a price of $0.25 per Unit.
Each Unit will consist of one common share and one common share purchase warrant, with each warrant exercisable into one share
at a price of $0.35 per share for a 24 month exercise period, subject to abridgement of the exercise period. Abridgement may
occur with 30 days' notice to holders (after the expiry of the 4 month hold period) if the 20 day volume weighted price of SVA
shares exceeds $0.50 per share.
Net proceeds from the private placement will be used to fund Sernova's collaborations utilizing our Cell Pouch System platform
technologies to treat diabetes and other serious disease conditions, as well as to support a US-based Phase I/II diabetes
clinical trial anticipated to commence in the second half of 2016, and for general corporate purposes.
All securities issued in connection with the private placement will be subject to a statutory hold period of four
months. The Company will compensate finders on a portion of the private placement, such compensation consisting of 7% in
cash or 7% in finder warrants, or a combination thereof.
Completion of the private placement is subject to the receipt of all necessary corporate and regulatory approvals, including
approval of the TSX Venture Exchange.
About Sernova
Sernova Corp. is a clinical stage regenerative medicine Company developing medical technologies for the treatment of chronic
debilitating metabolic diseases such as diabetes, blood disorders including hemophilia, and other diseases treated through
replacement of proteins or hormones missing or in short supply within the body. Sernova is developing the Cell Pouch
System™, an implantable medical device and therapeutic cells (donor, xenogeneic or stem cell derived therapeutic cells), which
then release proteins and/or hormones as required.
Forward-Looking Information
This release may contain forward-looking statements. Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends",
"estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or
"should" occur. Although Sernova believes the expectations expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in
forward-looking statements. Forward-looking statements, are based on the beliefs, estimates and opinions of Sernova's management
on the date such statements were made, which include our belief that Sernova will be able to raise additional capital to
fund its clinical programs. Sernova expressly disclaims any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or otherwise.