On October 30, 2024 Defence Therapeutics Inc. ("Defence" or the "Company"), a Canadian biopharmaceutical company developing radiopharmaceuticals and novel immune-oncology vaccines and drug delivery technologies, reported the closing of the 1st tranche of its previously announced non-brokered private placement (the "Offering") of units of the Company (the "Units") at a price of $0.50 per Unit for aggregate gross proceeds of $775,000 (the "Closing") (Press release, Defence Therapeutics, OCT 30, 2024, View Source;utm_medium=rss&utm_campaign=defence-therapeutics-completes-1st-tranche-of-financing-2 [SID1234647634]). Each Unit consists of one common share in the capital of the Company (each, a "Share") and one-half of one common share purchase warrant (each whole, a "Warrant"). Each Warrant is exercisable to acquire one additional Share at an exercise price of $1.00 per Share for a period of 24 months from the date of the Closing (the "Warrant Expiry Date").
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In connection with the Closing, the Company paid a cash finder’s fee of $14,000 and issued 28,000 finder’s warrants (the "Finder’s Warrants") to certain qualified arm’s length finder. Each Finder’s Warrant is exercisable into one Share at an exercise price of $1.00 per Share on or before the Warrant Expiry Date.
The Company intends to use the net proceeds of the Offering to advance its preclinical and clinical programs and for general working capital. All securities issued in connection with the Offering are subject to a statutory hold period of four months plus a day from their date of issue in accordance with applicable securities legislation.
The securities being referred to in this news release have not been, nor will they be, registered under the United States (U.S.) Securities Act of 1933, as amended, and may not be offered or sold in the U.S. or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.