ANN ARBOR, Mich., Dec. 21, 2016 (GLOBE NEWSWIRE) -- Zomedica Pharmaceuticals Corp. (ZOM.V) (the “Company”), a veterinary pharmaceutical and health care solutions company, wishes to provide an update on its previously announced non-brokered private placement offering of up to 10,000,000 common shares (each a “Common Share”) at a price of C$1.50 per Common Share. On August 25, 2016, the first tranche of this financing was completed with an aggregate of 3,342,480 Common Shares having been issued for aggregate gross proceeds of C$5,013,734 (see the Company’s prior news release of that date). The Company has now filed final materials with the TSX Venture Exchange to complete this financing.
The Company today announces a new non-brokered private placement offering of up to 6,657,520 Common Shares at a price of C$1.50 per Common Share for aggregate gross proceeds of up to C$9,986,280. This financing, when aggregated with the recently completed financing, will result in the Company continuing with its objective to raise up to C$15,000,000 by offering up to 10,000,000 Common Shares at a price of C$1.50 per Common Share. Insiders are expected to take up a portion of this financing.
All of the Common Shares issued in connection with this financing will be subject to a statutory four-month hold period in accordance with applicable securities laws. This offering is subject to the approval of the TSX Venture Exchange. Closing of this private placement is expected to occur in one or more tranches.
Zomedica expects the proceeds raised under this financing to be used for the following purposes:
Advancement and further development of its therapeutic pipeline;
Potential acquisitions, furthering its intellectual property and associated protections;
Capital markets activities and expenditures; and
General working capital purposes.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or applicable state securities laws, and may not be offered or sold to persons in the United States absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The Company also announces that, pursuant to its stock option plan, it has granted stock options to acquire up to an aggregate of 3,875,000 Common Shares, of which, 3,325,000 stock options were granted to certain directors and officers of the Company. Each of the stock options is exercisable for a two-year term expiring on December 21, 2018 and exercisable until that time at a price of C$1.50 per Common Share. On December 20, 2016, the last day that the Common Shares traded prior to the granting of the stock options, the closing price of the Common Shares on the TSX Venture Exchange was C$1.32 per share. The stock options all vested immediately upon the date of grant. The stock options, and any Common Shares issued upon exercise of the stock options, are subject to a four-month hold period expiring on April 22, 2017.
About Zomedica
With U.S. operations based in Ann Arbor, Michigan, Zomedica is a veterinary pharmaceutical and health care solutions company targeting products for companion animals (canine, feline and equine) through a ground-breaking approach that focuses on the unmet needs of clinical veterinarians. Zomedica is building a diversified portfolio of products comprised of the discovery, development and commercialization of innovative drugs alongside novel drug delivery systems, devices and diagnostics. With multiple clinical veterinarians in executive management, it is Zomedica’s mission to give veterinarians the opportunity to lower costs, increase productivity, and grow revenue while better serving the animals in their care. For more information, visit www.ZOMEDICA.com.
