On July 8, 2021 iCo Therapeutics Inc. ("iCo" or the "Company") (TSXV: iCo) (OTCQB: iCoTF) reported that the Company has received formal conditional approval from the TSX Venture Exchange (the "Exchange") of iCo’s proposed business combination (the "Transaction") with Satellos Bioscience Inc. ("Satellos") (Press release, iCo Therapeutics, JUL 8, 2021, View Source [SID1234584736]).
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The Company has filed an information circular on SEDAR (the "Circular") that describes the Transaction in detail and will be mailing the Circular to shareholders on or about July 13, 2021. iCo has set August 3, 2021 as the date of the special meeting of shareholders of the Company to approve the Transaction, in accordance with the rules of the Exchange. The shareholder meeting is more fully described in the Circular.
In connection with the Transaction, iCo previously announced, on April 27, 2021, the successful closing of a private placement (the "Financing") of 85,294,117 subscription receipts (the "Subscription Receipts") at a price of $0.085 per Subscription Receipt for aggregate gross proceeds of approximately C$7.25 million, conditional upon successful closing of the Transaction. The Subscription Receipts will convert into common shares of iCo following the satisfaction of the escrow release conditions attached to the Subscription Receipts.
Finally, iCo announces that if the Transaction is approved by iCo and Satellos shareholders, the Company expects trading of the shares of the combined company to begin trading on the Exchange as Satellos Bioscience Inc. under the symbol MSCL during the week of August 9, 2021.
William Jarosz, the CEO of iCo noted, "We are grateful to the Exchange for their diligent work in approving this transaction. We are also grateful for the continuing support of iCo’s shareholders, both in participating in the Financing and for their patience during this time of change for the Company. We have a number of new strategic initiatives underway that involve the new assets and technology platform from Satellos and our older legacy assets. We believe we are beginning a new era for iCo and its shareholders."