Toronto, Ontario--(Newsfile Corp. - July 5, 2021) - Telo Genomics Corp. (TSXV: TELO) (the "Company" or "TELO") announces that it has closed the second and final tranche of its previously announced non-brokered private placement ("Offering") of units (the "Units") and issued an additional 390,000 Units for gross proceeds of $195,000. The originally announced Offering was oversubscribed and along with the first tranche of the Offering, the Company has now raised $2,287,750.
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 January 2, 2023.
In connection with this tranche of the Offering, the Company paid finder's fees in cash as follows: $10,150 to PI Financial Corp. and $3,500 to Canaccord Genuity Corp. The Company also issued finder's warrants (the "Finder's Warrants") to eligible finders as follows: 20,300 Finder's Warrants to PI Financial Corp. and 7,000 Finder's Warrants to Canaccord Genuity Corp. Each Finder's Warrant entitles the holder to acquire one common share of the Company at a price of $0.50 per share until July 2, 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 securities issued pursuant to this tranche of the Offering are subject to a statutory four month hold period ending on November 3, 2021 in accordance with applicable securities laws. The Offering is subject to final approval from the TSX Venture Exchange.
A director of the Company participated in the Offering by subscribing for 10,000 Units which constituted a "related party transaction" within the meaning of Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions ("MI 61-101") and Policy 5.9 - Protection of Minority Security Holders in Special Transactions of the TSX-V. The issuance to the insider is exempt from the formal valuation and the minority shareholder approval requirements of MI 61-101 as the consideration paid by such insider did not exceed 25% of the Company's market capitalization.
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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will", or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the use of proceeds and receipt of TSX Venture Exchange final approval are based on the Company's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures and other costs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
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