Avivagen Inc. Provides Update on Securities for Service Agreements With CEO and CSO
OTTAWA, Ontario--(BUSINESS WIRE)-- Avivagen Inc. (TSXV:VIV) (“Avivagen” or the “Company”), a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications that safely enhance and support immune function, thereby supporting general health and performance, announces that pursuant to its previously announced “Securities for Services” agreements with Top Meadow Consulting Services Inc. and Mr. Graham Burton, the Company has issued an aggregate of 507,345 common shares in the capital of the Company (the “Shares”) to Top Meadow Consulting Services Inc. and Mr. Graham Burton.
The deemed price per Share and the number of Shares to be issued pursuant to the Agreements were determined as of a date after the applicable services were provided to the Company, and was determined using the Discounted Market Price (as such term is defined in the policies of the TSX Venture Exchange) of the Shares on the TSXV on the date immediately preceding the issuance. In particular:
- 255,262 Shares were issued on February 23, 2023, at a deemed issuance price of $0.07125 for services provided from October 1, 2022 to December 31, 2022; and
- 252,083 Shares were issued on March 28, 2023, at a deemed issuance price of $0.045 for services provided from January 1, 2023 to February 28, 2023.
For further details regarding the “Securities for Services” agreements, please see the Company’s press release dated December 22, 2022.
All securities issued in connection with the foregoing are subject to a 4-month hold period in Canada.
The transactions described herein constitute a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company relied on exemptions from the formal valuation and minority approval requirements in sections 5.5(a) and 5.7(1)(a) on the basis that participation in the settlement by the interested parties does not exceed 25% of the fair market value of the Company’s market capitalization.
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, Avivagen’s views on future product adoption and Avivagen’s anticipation of receiving new approvals, customers and contracts. Risk factors inherent in Avivagen’s business and industry, including those listed in its most recent Management’s Discussion and Analysis available at www.SEDAR.com, mean that product adoption may not occur in the manner or as quickly as Avivagen anticipates and expected approvals, customers and contracts may not be realized within the time frames anticipated by Avivagen if at all. 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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