Vancouver, British Columbia--(Newsfile Corp. - January 18, 2024) - Genix Pharmaceuticals Corporation (TSXV: GENX) (OTCQB: GENPF) ("GENIX" or the "Company") announces that the Company has made an application to the TSX Venture Exchange (the "Exchange") to amend the exercise price, the warrant accelerator terms and extend the expiry date of 3,354,945 previously issued and outstanding warrants (the "Warrants").
The Corporation is proposing to reduce the exercise price of the warrants from $0.30 per warrant share to $0.15 per warrant share. In addition, the Warrants will be subject to an accelerator repricing from $0.50 per share to a new accelerator price of $0.25 per share.
Proposed Warrant Extension Terms
- 2,136,612 warrants which had previously been extended to January 24, 2024 will be extended to July 24, 2025. These Warrants were originally issued on July 24, 2020 as part of the units issued under a private placement completed by the Company in July 2020.
- 1,218,333 warrants which had previously been extended to February 13, 2024 will be extended to August 13, 2025. These Warrants were originally issued on August 13, 2020 as part of the units issued under a private placement completed by the Company in August 2020.
- The Warrants are also subject to an accelerator. If the closing trading price of the Company's shares on the TSX Venture Exchange (the "Exchange) is greater than $0.25 per share for a period of 10 consecutive trading days (the "Acceleration Event"), the Company may, at its sole option, elect to provide notice to the holders of the Warrants (the "Acceleration Notice) of the Acceleration Event and the Warrant will expire at 4:00pm PST (Vancouver time) on the date that is 30 days from the date of the Acceleration Notice (the "Acceleration Expiry Date"). In such instance, all warrants that are not exercised prior to the Accelerated Expiry Date will expire on the Accelerated Expiry Date. Previously the Acceleration Event was based on a closing trading price of $0.50 per share.
The amendments of the Warrants are subject to the prior consent of all Warrant holders and the approval of TSX Venture Exchange (the "Exchange") ("Warrant Amendment Approval").
About Genix
Genix Pharmaceuticals Corporation is a novel and generic ophthalmic drugs company. The Company is focused on the research, development, manufacture, licensing and sales of novel and innovative healthcare products. In particular, these products include evidence-based, proprietary over-the-counter ("OTC") nutraceuticals, and other single molecule generic drugs that have been shown to deliver consistent and verifiable results in various therapeutic areas.
The Company will market and sell its portfolio of novel and generic ophthalmic drugs in Canada and globally and its nutraceutical products in North America and other select countries. Genix continues to conduct its scientific R&D of new, innovative products to support the health needs of mainstream consumers.
On Behalf of the Board of Directors,
Mr. Mahmoud Aziz, President, Director
Genix Pharmaceuticals Corporation
www.genixpharm.com
For more information regarding Genix Pharmaceuticals Corporation, please contact:
Kevin Bottomley, Director
Tel: +1.604.609.6199
kbottomley@genixpharm.com
Neither 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.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward‐looking statements". Forward‐looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.
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