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Theralase Technologies, a clinical stage pharmaceutical company, has successfully closed the first tranche of its Non-Brokered Private Placement (NBPP) offering. The company raised $CAN 775,000 by issuing 3,522,729 units at $CAN 0.22 per unit. Each unit includes one common share and one common share purchase warrant, allowing holders to acquire additional shares at $CAN 0.30 each for five years. Funds will support the Phase II Non-Muscle Invasive Bladder Cancer (NMIBC) clinical study, preclinical research of Rutherrin®, and general corporate purposes. The securities are under a four-month hold and await final acceptance from the TSX Venture Exchange.
Positive
- Raised $CAN 775,000 from the first tranche of Non-Brokered Private Placement.
- Funds to support Phase II NMIBC clinical study and preclinical Rutherrin® research.
- Investors can acquire additional shares at $CAN 0.30 each for five years.
Negative
- Securities are under a four-month hold period.
- Offering is subject to final acceptance from the TSX Venture Exchange.
TORONTO, ON / ACCESSWIRE / July 8, 2024 / Theralase® Technologies Inc. (“Theralase®” or the “Company“) (TSXV:TLT)(OTCQB:TLTFF), a clinical stage pharmaceutical company dedicated to the research and development of light and/or radiation activated Photo Dynamic Compounds (“PDCs“) for the safe and effective destruction of various cancers, bacteria and viruses, is pleased to announce that it has successfully closed its first tranche of a Non-Brokered Private Placement (“NBPP“) offering (“Offering“) of units (“Units“).
On closing, the Corporation issued an aggregate of 3,522,729 Units at a price of $CAN 0.22 per Unit for aggregate gross proceeds of $CAN 775,000.
Each Unit consists of one common share of the Company (“Common Share“) and one common share purchase warrant (“Warrant“). Each Warrant entitles the holder to acquire an additional Common Share at an exercise price of $CAN 0.30 per share for a period of 5 years following the date of issuance.
The Company plans to use the proceeds of the financing to further the Phase II Non-Muscle Invasive Bladder Cancer (“NMIBC“) clinical study currently underway, preclinical research and development of Rutherrin®, working capital and general corporate purposes.
The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended (“U.S. Securities Act“), or any applicable securities laws of any state of the United States, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act) or persons in the United States unless registered under the U.S. Securities Act and any other applicable securities laws of the United States or an exemption from such registration requirement is available. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the securities offered in any jurisdiction in which such offer, solicitation or sale would be unlawful, including the United States.
All securities issued under the Offering will be subject to a four month and one day hold period from the closing date under applicable Canadian securities laws, which expires on November 6th, 2024. The Offering is subject to receipt of final acceptance from the TSX Venture Exchange.
About Theralase® Technologies Inc.:
Theralase® is a clinical stage pharmaceutical company dedicated to the research and development of light activated compounds, their associated drug formulations and the light systems that activate them, with a primary objective of efficacy and a secondary objective of safety in the destruction of various cancers, bacteria and viruses.
Additional information is available at www.theralase.com and www.sedar.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements:
This news release contains “forward-looking statements” within the meaning of applicable Canadian securities laws. Such statements include; but are not limited to statements regarding the Company’s proposed development plans with respect to Photo Dynamic Compounds and their drug formulations. Forward looking statements may be identified by the use of the words “may, “should“, “will“, “anticipates“, “believes“, “plans“, “expects“, “estimate“, “potential for” and similar expressions; including, statements related to the current expectations of Company’s management for future research, development and commercialization of the Company’s Photo Dynamic Compounds and their drug formulations, preclinical research, clinical studies and regulatory approvals.
These statements involve significant risks, uncertainties and assumptions; including, the ability of the Company to: adequately fund and secure the requisite regulatory approvals to successfully complete a Phase II NMIBC clinical study in a timely fashion and implement its development plans. Other risks include: the ability of the Company to successfully commercialize its drug formulations, the risk that access to sufficient capital to fund the Company’s operations may not be available or may not be available on terms that are commercially favorable to the Company, the risk that the Company’s drug formulations may not be effective against the diseases tested in its clinical studies, the risk that the Company’s fails to comply with the term of license agreements with third parties and as a result loses the right to use key intellectual property in its business, the Company’s ability to protect its intellectual property, the timing and success of submission, acceptance and approval of regulatory filings. Many of these factors that will determine actual results are beyond the Company’s ability to control or predict.
Readers should not unduly rely on these forward- looking statements, which are not a guarantee of future performance. There can be no assurance that forward looking statements will prove to be accurate as such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results or future events to differ materially from the forward-looking statements.
Although the forward-looking statements contained in the press release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements.
All forward-looking statements are made as of the date hereof and are subject to change. Except as required by law, the Company assumes no obligation to update such statements.
For More Information:
1.866.THE.LASE (843-5273)
416.699.LASE (5273)
www.theralase.com
Kristina Hachey, CPA
Chief Financial Officer
khachey@theralase.com
SOURCE: Theralase Technologies, Inc.
View the original press release on accesswire.com
FAQ
What did Theralase Technologies announce on July 8, 2024?
Theralase Technologies announced the closure of the first tranche of its Non-Brokered Private Placement, raising $CAN 775,000.
How much did Theralase Technologies raise in the first tranche of the private placement?
Theralase Technologies raised $CAN 775,000.
What is the price per unit in Theralase Technologies’ private placement?
The price per unit in Theralase Technologies’ private placement is $CAN 0.22.
What does each unit consist of in the Theralase Technologies’ private placement?
Each unit consists of one common share and one common share purchase warrant.
What is the exercise price for the warrants in Theralase Technologies’ private placement?
The exercise price for the warrants is $CAN 0.30 per share.
How long are the warrants from Theralase Technologies’ private placement valid?
The warrants are valid for five years from the date of issuance.
What will Theralase Technologies use the funds from the private placement for?
The funds will be used for the Phase II NMIBC clinical study, preclinical research of Rutherrin®, working capital, and general corporate purposes.
Are the securities from Theralase Technologies’ private placement registered under the U.S. Securities Act?
No, the securities are not registered under the U.S. Securities Act.
When does the hold period for Theralase Technologies’ offering expire?
The hold period expires on November 6, 2024.
Is the Theralase Technologies’ private placement offering finalized?
The offering is subject to final acceptance from the TSX Venture Exchange.
