BIOASIS
TECHNOLOGIES INC. (OTCQB:BIOAF; TSX.V:BTI), (the “Company” or
“Bioasis”), a pre-clinical, research-stage biopharmaceutical company
developing its proprietary xB3 ™ platform technology for the
delivery of therapeutics across the blood-brain barrier (“BBB”) and the
treatment of central nervous system (“CNS”) disorders in areas of high
unmet medical need, including brain cancers and neurodegenerative
diseases, today announced that it has satisfied its obligation to pay
$16,352.28 in interest to the holders of its 15% unsecured debentures
issued November 8, 2019 (the “Debentures”) on December 31, 2019 by
issuing 65,403 common shares of the company. The common shares were
issued at a deemed price of $0.25 per share in full satisfaction of the
December 31 interest payment obligation in accordance with the terms of
the Debentures. The Company chose to settle the interest through the
issuance of common shares in order to preserve the amount of cash
available to fund ongoing operations while it continues to pursue
additional financing opportunities, including potential partnerships.
The shares for debt settlement has been conditionally approved by the
TSX Venture Exchange (the “TSXV”) and remains subject to the final
approval of the TSXV. The common shares issued pursuant to the shares
for debt settlement will be subject to a four month hold period which
will expire on the date that is four months and one day from the date of
issuance.
About Bioasis
Bioasis Technologies Inc. is a biopharmaceutical company developing the
xB3 ™ platform, a proprietary technology for the delivery of
therapeutics across the blood brain barrier and the treatment of CNS
disorders in areas of high unmet medical need, including brain cancers
and neurodegenerative diseases. The delivery of therapeutics across the
blood brain barrier represents the final frontier in treating
neurological disorders. The in-house development programs at Bioasis are
designed to develop symptomatic and disease-modifying treatments for
brain-related diseases and disorders. The Company maintains headquarters
in Guilford, Conn., United States. Bioasis trades on the TSX Venture
Exchange under the symbol “BTI” and on the OTCQB under the symbol
“BIOAF.” For more information about the company, please visit www.bioasis.us.
This press release does not constitute an offer to sell, solicitation of
an offer to buy or a recommendation for any of the company’s securities.
A securities offering by the company will only be made pursuant to a
private placement memorandum, offering circular or prospectus. The
content of this press release is qualified in its entirety by any such
offering materials.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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