Dr. Howard Verrico reports
SIRONA BIOCHEM ANNOUNCES CLOSE OF OVERSUBSCRIBED PRIVATE PLACEMENT
Sirona Biochem Corp. has closed an oversubscribed non-brokered private placement for gross proceeds of $1,783,500. The private placement consists of 17,835,000 units at a price of 10 cents per unit. 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 16 cents per share.
All securities issued under the placement are subject to a statutory hold period expiring on June 27, 2019.
The company compensated finders by way of cash fees of $62,136 and 621,360 warrants.
The financing consisted of participation by PRO group member Shaun Chin of PI Financial for 500,000 units, as well as two insiders. Dr. Howard Verrico, chief executive officer, participated with a purchase of 960,000 units. Christopher Hopton, chief financial officer, participated with a purchase of 350,000 units.
The net proceeds of the placement will be used for general working capital while the company continues its efforts toward the licensing and commercialization of various pipeline products.
The company has granted incentive stock options under its stock option plan to directors and officers of the company for the purchase of up to 700,000 common shares at a price of 12 cents per share. Directors will receive 400,000 options at 12 cents per share with a five-year expiry and officers will receive 300,000 options at 12 cents per share with a 10-year expiry.
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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