Mr. Christopher Hopton reports
SIRONA BIOCHEM ANNOUNCES CLOSE OF FINANCING AND EXTENSION OF CONVERTIBLE NOTES
Sirona Biochem Corp. has closed a private placement (subject to TSX Venture Exchange approval) in the amount of 7,095,100 units at 10 cents per unit for total gross proceeds of $709,510. Each unit consists of one common share and one transferable share purchase warrant. Each whole warrant is exercisable into one additional common share of the company for a period of three years, from the date of issue, at a price of 18 cents per share.
The company paid a total of $9,532 in finders' fees in connection with the placement.
"We are very pleased that we have ongoing support from our existing shareholders as well as interest from new parties," said Howard Verrico, chief executive officer. "The funds will go toward the upcoming clinical trial, international partnering activities, paying off a portion of existing convertible notes as well as general operating expenses."
All securities issued under the placement are subject to statutory hold periods expiring on Feb. 16, 2019.
The company also announced that it extended $443,600 of the $665,360 convertible notes that matured Aug. 31, 2018. Each note will be extended for a 12-month term, convertible at the option of the holder into one common share of the company at a conversion price of 14 cents per share.
The notes will bear interest at the rate of 12 per cent per annum, payable quarterly, until the notes are converted or repaid. The company will be entitled to repay the principal amount of the notes, together with accrued and unpaid interest, at any time commencing four months after the date of issuance, subject to giving the holders prior notice thereof to permit holders to convert during the notice period. The notes are unsecured and transferable, subject to resale restrictions under applicable securities laws and TSX Venture Exchange requirements.
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential.
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