On October 3, 2022 Theralase Technologies Inc. ("Theralase" or the "Company") (TSXV: TLT) (OTCQB: TLTFF), a clinical stage pharmaceutical company focused on the research and development of light activated Photo Dynamic Compounds ("PDCs") and their associated drug formulations, used to safely and effectively destroy various cancers, bacteria and viruses, reported that it has commenced a non-brokered $CAN 2.5 M follow-on private placement equity financing ("Financing") (Press release, Theralase, OCT 3, 2022, View Source [SID1234621759]).
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Under the terms of the Financing, up to 10,000,000 Units are available to be sold to accredited investors at a price of $0.25 per Unit for aggregate gross proceeds of up to $CAN 2,500,000.
Each Unit will consist of one common share of the Company ("Common Share") and one common share purchase warrant ("Warrant"). Each Warrant will entitle the holder to acquire an additional Common Share at an exercise price of $0.35 per share for a period of 24 months following the date of closing.
The Company intends to use the proceeds of the Financing for the following:
Good Laboratory Practice ("GLP") toxicology study for intravenous installation of Rutherrin intended for the treatment of Non-Small Lung Cancer ("NSCLC") and Glio-Blastoma Multiforme ("GBM"), a fast-growing and aggressive brain tumor.
Advancement of Phase II Non-Muscle Invasive Bladder Cancer ("NMIBC") clinical study
Working capital and general corporate purposes
In connection with the Financing, a finder’s fee of 6% (payable in cash or stock) and 3% finder’s warrant (exercise price of $0.35 for a period of 24 months following the closing of the Financing) will be payable to eligible finders.
Research Capital Corporation is acting as a finder in connection with the Financing.
Closing of the Financing is subject to approval by the TSX Venture Exchange. Securities issued in the Financing are subject to a statutory hold period of four months.
Closing of the Financing is intended to occur on or about October 14, 2022.
The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended ("U.S. Securities Act"), or any applicable securities laws of any state of the United States, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act) or persons in the United States unless registered under the U.S. Securities Act and any other applicable securities laws of the United States or an exemption from such registration requirement is available. 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, including the United States.