Hamilton Thorne, Inc. Announces Initial Closing Of Over-Subscribed CDN$750,000 Private Placement

BEVERLY, MA and TORONTO, ON--(Marketwired - November 11, 2014) -

Hamilton Thorne Ltd. (TSX VENTURE: HTL) (“Hamilton Thorne” or the “Company”), a leading provider of precision laser devices and advanced image analysis systems for the fertility, stem cell and developmental biology research markets, today announced the initial closing of its previously announced non-brokered private placement.

“We were gratified to secure this over-subscribed private placement at the maximum offering amount of CDN$750,000,” commented David Wolf, President and CEO of Hamilton Thorne. “In addition to providing funding to accelerate product development and support our future growth, one of our objectives in completing this Offering was to increase liquidity in our shares by diversifying and broadening our shareholder base. We are pleased to welcome a number of new shareholders to Hamilton Thorne.”

At the initial closing, the Company issued an aggregate of 6,537,500 units of the Company (each, a “Unit”) at an offering price of CDN$0.10 per Unit for aggregate gross proceeds of CDN$653,750 (the “Offering”). Each Unit consists of one common share (each, a “Common Share”) of the Company and one common share purchase warrant (each, a “Warrant”). Each Warrant will provide the holder the right to purchase a Common Share at CDN$0.20 for a period of twelve months following the closing (subject to acceleration in certain circumstances at the Company’s sole discretion). The Company has received definitive subscription agreements in respect of the remaining 962,500 Units and expects to close on such Units on or about November 14, 2014.

The Company is not paying any finders’ fees or commissions in connection with the Offering. All securities issued in connection with this Offering are subject to a four month hold period in accordance with applicable securities laws.

Related Party Transactions

An aggregate of 1,870,000 Units representing gross proceeds of up to approximately CDN$187,000 were issued to insiders of the Company. Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101"), such insider private placement subscriptions are a “related party transaction.” The Company is exempt from the formal valuation requirement of MI 61-101 in connection with the private placement in reliance on section 5.5(b) of MI 61-101, as no securities of the Company are listed or quoted for trading on the Toronto Stock Exchange, the New York Stock Exchange, the American Stock Exchange, the NASDAQ stock market or any other stock exchange outside of Canada and the United States. Additionally, the Company is exempt from obtaining minority shareholder approval in connection with the private placement in reliance on section 5.7(1)(b) of MI 61-101 as, in addition to the foregoing, (i) neither the fair market value of the Common Shares nor the consideration received in respect thereof from insiders exceeds CDN$2.5 million, (ii) the Company has one or more independent directors in respect of the private placement who are not employees of the Company, and (iii) all of the independent directors have approved the private placement.

There have been less than 21 days between the date of filing of its material change report in respect of the Offering and the completion date of the Offering. The Company considers this is reasonable and necessary in order to address the Company’s funding requirements and corporate operations.

About Hamilton Thorne Ltd. (www.hamiltonthorne.com)

Hamilton Thorne designs, manufactures and distributes precision laser devices and advanced image analysis systems for the fertility, stem cell and developmental biology research markets. It provides novel solutions for Life Science that reduce cost, increase productivity, improve results and enable research breakthroughs in regenerative medicine, stem cell research and fertility markets. Hamilton Thorne’s laser products attach to standard inverted microscopes and operate as robotic micro-surgeons, enabling a wide array of scientific applications and IVF procedures. Its image analysis systems improve outcomes in human IVF clinics and animal breeding facilities and provide high-end toxicology analyses.

Hamilton Thorne’s growing customer base includes pharmaceutical companies, biotechnology companies, fertility clinics, university research centers, and other commercial and academic research establishments worldwide. Current customers include world-leading research labs such as Harvard, MIT, Yale, McGill, DuPont, Monsanto, Charles River Labs, Jackson Labs, Merck, Novartis, Pfizer, and Oxford and Cambridge.

Neither the Toronto Venture Exchange, nor its regulation services provider (as that term is defined in the policies of the exchange), accepts responsibility for the adequacy or accuracy of this release.

Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict including the risk that the Company may not receive full payment of the remaining CDN$96,250 of subscriptions. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in filings by the Company with the Canadian securities regulators, which filings are available at www.sedar.com.