03:29:54 EDT Sun 19 Sep 2021
Enter Symbol
or Name

Login ID:
Hemostemix Inc
Symbol HEM
Shares Issued 756,811,552
Close 2020-12-11 C$ 0.02
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Hemostemix settles $249,874 debt with shares

2020-12-11 09:13 ET - News Release

Mr. Thomas Smeenk reports


Hemostemix Inc. has issued 24,987,435 common shares at a deemed price of one cent per common share to settle $249,874.35 of debt owed to various arm's-length parties and one non-arm's-length party of the company, as previously disclosed in a press release dated Sept. 29, 2020. The transaction has been approved by the TSX Venture Exchange and all common shares issued shall be subject to a four-month hold period commencing from the date of issuance.

The participation of one director in the debt settlement transaction constitutes a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions) and the policies of the TSX-V. The company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(b) and 5.7(1)(a), respectively, of MI 61-101 on the basis that the company is not listed on a specified stock exchange and, at the time the transaction was agreed to, neither the fair market value of the subject matter of, nor the fair market value of the deemed consideration for the transaction, insofar as it involves an interested party (within the meaning of MI 61-101) in the transaction, exceeds 25 per cent of the company's market capitalization calculated in accordance with MI 61-101.

About Hemostemix Inc.

Hemostemix is a publicly traded autologous stem cell therapy company, founded in 2003. A winner of the World Economic Forum Technology Pioneer Award, the company developed and is commercializing its lead product, ACP-01, for the treatment of critical limb ischemia, peripheral artery disease, angina, ischemic cardiomyopathy, dilated cardiomyopathy and other conditions of ischemia. ACP-01 has been used to treat over 300 patients and it is the subject of a randomized, placebo-controlled, double-blind trial of its safety and efficacy in patients with advanced critical limb ischemia who have exhausted all other options to save their limb from amputation.

On Oct. 21, 2019, the company announced the results from its phase II CLI trial abstract presentation, which noted healing of ulcers and resolution of ischemic rest pain occurred in 83 per cent of patients, with outcomes maintained for up to 4.5 years.

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