Avivagen Inc. Announces Closing of Third Tranche of a Private Placement of Shares and Warrants
Each Unit consists of one common share in the capital of the Company (each a “Common Share”) and one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will be exercisable to acquire one Common Share for a period of 5 years following the date of issuance at an exercise price of $0.30 per share.
The Company issued 705,000 Units, for aggregate gross proceeds of $141,000 in the Third Tranche. In the aggregate of all three tranches of the Offering, the Company issued 11,026,180 Units for gross proceeds of $2,205,236.
In connection with the Third Tranche, the Company paid aggregate finder's fees consisting of $4,200 in cash and issued 21,000 non-transferrable finder's warrants (each, a “Finder's Warrant”). Each Finder’s Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.20 per share for a period of 24 months from the date of issuance. In the aggregate of all three tranches of the Offering, the Company paid finder’s fees consisting of $138,110 in cash and issued 690,550 Finder’s Warrants in the Offering.
The net proceeds of the Offering will be used to fund research and development expenses, sales and marketing costs, product registration, interest expense, working capital and general corporate purposes.
The issuance of Common Shares and Warrants are subject to final acceptance of the TSX Venture Exchange.
All securities issued in connection with the Offering are subject to a four-month and one day hold period in Canada from the date of issuance.
Avivagen is a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications. By unlocking an overlooked facet of βcarotene activity, a path has been opened to safely and economically support immune function, thereby promoting general health and performance in animals. Avivagen is a public corporation traded on the TSX Venture Exchange under the symbol VIV, and is headquartered in Ottawa, Canada, based in partnership facilities of the National Research Council of Canada and Charlottetown, Prince Edward Island. For more information, visit www.avivagen.com. The contents of the website are expressly not incorporated by reference in this press release.
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Avivagen to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include the anticipated use of proceeds from the Offering. The closing of the Offering is subject to a number of customary conditions, including the approval of the applicable securities commissions and the TSX Venture Exchange, some of which are outside the control of Avivagen. Circumstances may necessitate or make it desirable that Avivagen use the proceeds of the Offering for different purposes than described above. The forward-looking statements included in this news release are made as of the date of this news release and Avivagen does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
Neither the 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.
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Source: Avivagen Inc.
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