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Sirona Biochem Corp
Symbol SBM
Shares Issued 172,230,882
Close 2018-10-16 C$ 0.09
Market Cap C$ 15,500,779
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ORIGINAL: Sirona Biochem Announces Close of Financing and Extension of Convertible Notes

2018-10-16 18:13 ET - News Release

VANCOUVER, British Columbia, Oct. 16, 2018 (GLOBE NEWSWIRE) -- Sirona Biochem Corp. (TSX-V: SBM) (Frankfurt: ZSB) (the “Company”) announced that it has closed a private placement (subject to TSX.V approval) in the amount of 7,095,100 units at $0.10 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 $0.18 per share.

The Company paid a total of $9,532 in finder’s 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, CEO. “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 February 16, 2019.

The Company also announced that it extended $443,600 of the $665,360 convertible notes that matured August 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 $0.14 per share.

The Notes will bear interest at the rate of 12% 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.

Sirona’s compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and ongoing royalty payments. Sirona’s laboratory, TFChem, is located in France and is the recipient of multiple French national scientific awards and European Union and French government grants. For more information please visit www.sironabiochem.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information regarding this press release, please contact:

Christopher Hopton, CFO
Sirona Biochem Corp.
Phone:  1.604.282.6064
Email: chopton@sironabiochem.com

Sirona Biochem cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. Forward-looking statements are only predictions based upon current expectations and involve known and unknown risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of release of the relevant information, unless explicitly stated otherwise.  Actual results, performance or achievement could differ materially from those expressed in, or implied by, Sirona Biochem’s forward-looking statements due to the risks and uncertainties inherent in Sirona Biochem’s business including, without limitation, statements about: the progress and timing of its clinical trials; difficulties or delays in development, testing, obtaining regulatory approval, producing and marketing its products; unexpected adverse side effects or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization; the scope and validity of patent protection for its products; competition from other pharmaceutical or biotechnology companies; and its ability to obtain additional financing to support its operations. Sirona Biochem does not assume any obligation to update any forward-looking statements except as required by law.

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