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Theralase Announces Completion of Non-Brokered Private Placement of Units for Aggregate Gross Proceeds of Approximately $1.02 million

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Theralase Announces Completion of Non-Brokered Private Placement of Units for Aggregate Gross Proceeds of Approximately $1.02 million

Not for distribution to U.S. news wire services or dissemination in the United States.

Toronto, Ontario (FSCwire) – Theralase Technologies Inc. (“Theralase” or “Company”) (TSXV: TLT) (OTCQX: TLTFF) is pleased to announce that it has closed its previously announced non-brokered private placement offering (the “Offering”) of units ( “Unit”). On closing, the Corporation issued an aggregate of 5,104,000 Units at a price of $0.20 per Unit for aggregate gross proceeds of approximately $1,020,800. Each Unit consists of one common share of the Company ( “Common Share”) and one common share purchase warrant ( “Warrant”). Each Warrant entitles the holder to acquire an additional Common Share at an exercise price of $0.30 per share for a period of 24 months following the date of issuance.

The Company intends to use the proceeds of the Offering for the following:

  • Advancement of Phase Ib Non-Muscle Invasive Bladder Cancer clinical study
  • Advancement of Phase Ib New Oncology Indication clinical study
  • Advancement of TLC-2500 therapeutic laser system
  • Working capital and general corporate purposes

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities offered in any jurisdiction in which such offer, solicitation or sale would be unlawful.

All securities issued under the Offering will be subject to a four month hold period from the closing date under applicable Canadian securities laws. The Offering is subject to receipt of final acceptance from the TSX Venture Exchange.

Related Party Transactions

An aggregate of 750,000 Units representing gross proceeds of $150,000 were issued to certain insiders of the Corporation. Pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), such insider subscriptions are a “related party transaction.” The Corporation is exempt from the formal valuation requirement of MI 61-101 in connection with the insider subscriptions in reliance on section 5.5(b) of MI 61-101, as no securities of the Corporation are listed or quoted for trading on the Toronto Stock Exchange, the New York Stock Exchange, the American Stock Exchange, the NASDAQ stock market or any other stock exchange outside of Canada and the United States. Additionally, the Corporation is exempt from obtaining minority shareholder approval in connection with the insider subscriptions in reliance on section 5.7(1)(a) of MI 61-101 as the aggregate value of the insider subscriptions does not exceed 25% of the market capitalization of the Corporation.

Due to the limited time between the launch and the close of the Offering, there will be less than 21 days between the date the Corporation files its material change report in respect of the Offering and the completion date of the Offering.

About Theralase Technologies Inc.

Theralase is a clinical stage pharmaceutical company dedicated to the research and development of light activated Photo Dynamic Compounds and their associated drug formulations to safely and effectively destroy various cancers. The Company in its Cool Laser Division designs, manufactures and distributes patented and proprietary super-pulsed cool laser technology for the treatment of knee pain, and in off-label use, the treatment of numerous nerve, muscle and joint conditions.

Additional information is available at www.theralase.com and www.sedar.com.

This news release contains “forward-looking statements” which reflect the current expectations of management of the Company’s future growth, results of operations, performance and business prospects and opportunities. Such statements include, but are not limited to, statements relating to the use of proceeds. Wherever possible, words such as “may“, “would“, “could“, “should”, “will“, “anticipate“, “believe“, “plan“, “expect“, “intend“, “estimate“, “potential for” and similar expressions have been used to identify these forward-looking statements. These statements reflect management’s current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements; including, without limitation, those listed in the filings made by the Company with the Canadian securities regulatory authorities (which may be viewed at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in the news release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements. The Company disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise except as required by law. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.

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.

For More Information:

Kristina Hachey, Chief Financial Officer

1.866.THE.LASE (843-5273)

416.699.LASE (5273)

khachey@theralase.com

www.theralase.com

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