04:09:20 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Sernova Corp
Symbol SVA
Shares Issued 196,045,114
Close 2020-09-23 C$ 0.275
Market Cap C$ 53,912,406
Recent Sedar Documents

Sernova closes $3.7-million private placement

2020-09-23 10:45 ET - News Release

Dr. Philip Toleikis reports

SERNOVA CLOSES OVERSUBSCRIBED PRIVATE PLACEMENT AND ACCELERATES DEVELOPMENT PROGRAMS

Sernova Corp. has closed its non-brokered private placement, which was announced on Sept. 9, 2020. The company received oversubscriptions of $700,000, increasing the total amount of the private placement to $3.7-million.

"We are very pleased with the resoundingly positive response and rapid closing to our oversubscribed offering, which included participation by all directors of the company. The offering will enable us to build further upon our recent momentum, strategically enhancing and solidifying our novel cell therapy platform, with the goal to provide a functional cure for diabetes and other rare diseases," said Dr. Philip Toleikis, president and chief executive officer of Sernova.

A total of 12,218,333 units were issued in the private placement at 30 cents per unit, with each unit consisting of one common share and one warrant. Each warrant entitles the holder to acquire one common share at a price of 35 cents per share for a period of 24 months, subject to abridgment of the exercise period if the 10-day volume-weighted average price of the company's shares exceeds 50 cents per share.

The net proceeds of the private placement will be used to: accelerate the development of the company's recently acquired cellular local immune protection technology; further the company's immune-protected diabetes stem-cell-derived program; and support the company's U.S. phase 1/2 diabetes clinical trial.

The closing is subject to the acceptance of the TSX Venture Exchange. The company also issued 198,310 warrants and paid a total of $59,493 to qualified finders. All securities issued in connection with the private placement will be subject to a hold period of four months, in accordance with applicable Canadian securities regulations.

About Sernova Corp.

Sernova is developing regenerative medicine therapeutic solutions using a medical device (Cell Pouch) and immune-protected therapeutic cells/tissues (human donor cells, corrected human cells and stem-cell-derived cells) to improve the treatment and quality of life of people with chronic metabolic diseases, such as: insulin-dependent diabetes, blood disorders, including hemophilia, and other diseases treated through cellular production of proteins or hormones missing or in short supply within the body.

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