BioHarvest Sciences Inc. Announces a Private Placement of up to USD $5 Million of Convertible Notes to Finance Production Facilities and Scaling of Core Business

BioHarvest Sciences Inc. Announces a Private Placement of up to USD $5 Million of Convertible Notes to Finance Production Facilities and Scaling of Core Business

BioHarvest Sciences Inc. (CSE: BHSC) (OTC:CNVCF) (FSE: 8MV) ("BioHarvest" or the "Company") announced today a financing plan based on a private placement of up to USD $5 Million (approximately $6.3 Million CAD). The funds raised will allow the Company to accelerate the growth plan for its polyphenolsantioxidants and Cannabis verticals.

On March 23, 2021, BHSC announced the completion of the Company's Cannabis R&D program, marking the start of the proposed transition to commercial scale manufacturing. BioHarvest plans to bring its first Cannabis products to market in 2022 and will be converting the current VINIA® 2 tons/year facility in Rehovot, Israel to produce Cannabis. This is happening in conjunction with the transition of all VINIA ® manufacturing to the new 20 tons/year facility in Yavneh, Israel, which will provide the required VINIA ® production capacity to scale VINIA® sales in the US. The transition to Cannabis manufacturing in Israel, combined with the planned incremental marketing spend for VINIA® in the USA, requires additional financing which the Company will seek to raise by issuing up to $5 Million USD of Convertible Notes (the "Notes").

The Notes which will be denominated in Canadian Dollars, will have a term of 24 months, and pay interest of 6% per annum. The Notes will be convertible as to principal and accrued interest , at the option of the holder, at any time following one year from their issuance (the " Anniversary Date') into common shares of the company at a price equal to the closing market price of the Company's common shares on the date of conversion (the "(Closing Price" ) less a discount of 25% if the closing price is $0.50 per share or less and 20% if the closing price is above $0.51 but in any event not less than $0.26 per share (the "Floor Price") and not higher than a ceiling price (the "Ceiling Price") equal to $0.65 if converted within 90 days of the Anniversary Date, $0.75 if converted between 91 and 180 days of the Anniversary Date, $0.85 if converted between 181 and 270 days of the Anniversary Date and $0.95 thereafter.

The Company will have the Option on 30 days notice to redeem all or any part of the Notes for the principal amount outstanding plus accrued interest at any time if either of the following conditions are met:

a) The common shares of the company are listed on a more senior Stock Exchange (the Toronto Stock Exchange, Nasdaq Capital or Global Markets or any market of the New York Stock Exchange.)

b) the Company completes debt or equity financings for gross proceeds in excess of $10 Million USD following the issuance of the Notes.

In the event that the Company issues a Notice of Redemption prior to the Anniversary Date the amount of principal redeemed, and accrued interest on it, will be immediately convertible at the option of the holder.

The company may pay customary commissions or other sales incentives to registered brokers or investment dealers or finders (where permitted by law).

Beside ongoing and customary liabilities to suppliers and employees, currently the Company has no outstanding debt.

Ilan Sobel, CEO, states "Our unprecedented achievements to date in the development and commercialization of our proprietary platform technology presents an opportunity for investors to enjoy the expected success of the Company as it scales its operations for both business verticals. Our leadership in plant cellular biology, our wealth of IP and our operational performance convince us that the current share price of BHSC, which has also been impacted by geopolitical uncertainties, undervalues the Company. By opting for a convertible loan instrument with conversion deferred for one year we avoid dilution at current share price. This USD $5 Million financing gives us the required marketing resources to accelerate the building of our VINIA® revenue and customer base as well as provide the capital needed to commence Cannabis production in Israel in H2, both of which are major 2022 priorities which will significantly increase the enterprise value."

Q1 2022 Shareholder Update

BioHarvest invites all interested investors and media to our next Shareholders Update, to be held at 11 am PDT, April 7th, 2022. The online meeting will be hosted by CEO Ilan Sobel and will feature a live Q&A session. Free registration to the event is available here: https://app.livestorm.co/st-financial/q1-2022-bioharvest-sciences-shareholder-update?type=detailed.

This news release is provided for information purposes only and it is not an offer for sale or solicitation of an offer to purchase securities of the Company in any United States jurisdiction or any other jurisdiction where prohibited by law. The company's proposed private placement will only be available to qualified investors.

About BioHarvest Sciences Inc.

BioHarvest Sciences Inc. (CSE: BHSC) is a fast-growing Biotech firm listed on the Canadian Securities Exchange. BioHarvest has developed a patented bio-cell growth platform technology capable of growing the active and beneficial ingredients in fruit and plants, at industrial scale, without the need to grow the plant itself. This technology is economical, ensures consistency, and avoids the negative environmental impacts associated with traditional agriculture. BioHarvest is currently focused on nutraceuticals and the medicinal cannabis markets. Visit: www.bioharvest.com.

BioHarvest Sciences Inc.
Ilan Sobel, Chief Executive Officer

For further information, please contact:
Dave Ryan, VP Investor Relations & Director
Phone: 1 (604) 622-1186
Email: dave@bioharvest.com

Twitter
Facebook
LinkedIn
YouTube

Forward-Looking Statements

Information set forth in this news release might include forward-looking statements that are based on management's current estimates, beliefs, intentions, and expectations, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. There is no assurance that we will achieve our objective of making our products available in multiple markets. There is no assurance that the Company will be successful in expanding its technology to broader medical applications or conduct clinical trials to validate the efficacy of the Company's products for new forms of medical treatments. Clinical trials are subject to risks of significant cost overruns and lengthy delays with no assurance they will confirm desired results. Even where desired results are obtained government approvals for treatments take considerable time and cannot be guaranteed. There is no assurance the BioFarming technology will make a significant impact on multiple verticals of life -science based businesses in general or in the bio-space industry. There is no assurance that we will achieve our objective of being a leading supplier of Cannabis. Delays and cost overruns may result in delays achieving our objectives obtaining market acceptance and regulatory approvals for geographic expansion is subject to risk and cannot be guaranteed. Projected sales of Cannabis will require the company to obtain production and / or export licensing which cannot be assured.

In particular there is no assurance the company will obtain a production license or bring its first Cannabis products to market in 2022 or be successful in completing the proposed or subsequent financing or its common shares be listed on a more senior stock exchange.

All forward-looking statements are inherently uncertain and actual results may be affected by a number of material factors beyond our control. Readers should not place undue reliance on forward-looking statements. BHSC does not intend to update forward-looking statement disclosures other than through our regular management discussion and analysis disclosures.

Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/119622

News Provided by Newsfile via QuoteMedia

BHSC:CNX
The Conversation (0)
BioHarvest Sciences to Webcast Live at VirtualInvestorConferences.com September 15th

BioHarvest Sciences to Webcast Live at VirtualInvestorConferences.com September 15th

Company invites individual and institutional investors, as well as advisors and analysts, to attend real-time, interactive presentations on VirtualInvestorConferences.com

BioHarvest Sciences Inc. (CSE: BHSC) (OTCQB: CNVCF) (FSE:8MV), a biotechnology company focused on growing plant cells without the plant via its patented CELLicitation platform, today announced that Ilan Sobel, Chief Executive Officer, will present live at VirtualInvestorConferences.com on September 15, 2022.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Life Sciences Virtual Investor Conference Agenda Announced for September 15th

Life Sciences Virtual Investor Conference Agenda Announced for September 15th

Virtual Investor Conferences, the leading proprietary investor conference series, today announced the agenda for the upcoming Life Sciences Virtual Investor Conference to be held on September 15 th .

Individual investors, institutional investors, advisors, and analysts are invited to attend this virtual event showcasing live executive presentations from companies addressing worldwide opportunities in the life sciences.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Business Intelligence Group Awards BioHarvest Sciences with the Prestigious Sustainability Leadership Award

Business Intelligence Group Awards BioHarvest Sciences with the Prestigious Sustainability Leadership Award

  • The award recognizes the sustainability impact of BioHarvest's Bio Plant CELLicitation technology, which enables industrial production of plant metabolites without growing the plant itself
  • BioHarvest Sciences receives the award with other industry thought leaders such as AstraZeneca, Agilent, and Honeywell

Cannot view this image? Visit: https://images.newsfilecorp.com/files/6168/136029_b77540d5d49ee908_002.jpg

Figure 1

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6168/136029_b77540d5d49ee908_002full.jpg

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
BioHarvest Sciences Inc. Launches First Major United States Marketing Campaign

BioHarvest Sciences Inc. Launches First Major United States Marketing Campaign

BioHarvest Sciences Inc. (CSE: BHSC) (OTCQB: CNVCF) (FSE: 8MV) ("BioHarvest" or "the Company") has announced the first multimedia campaign for VINIA™ in the USA, Phase 1. The company is scaling up its US marketing in line with a 2022 growth plan that aims for significant growth in sales orders following commercial entry in 2021.

"We are delighted to launch our first integrated marketing campaign aimed at expanding our loyal customer base here in the USA," said CEO Ilan Sobel, in New York for the launch. "Bringing our new 20 Ton production facility online was integral to scaling global VINIA™ supply, so this marketing launch is testament to the entire VINIA™ team's coordinated dedication to making it happen."

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
BioHarvest Sciences Inc. Commences Trading on the OTCQB Market

BioHarvest Sciences Inc. Commences Trading on the OTCQB Market

BioHarvest Sciences Inc. (CSE: BHSC) (OTCQB: CNVCF) (FSE: 8MV) ("BioHarvest" or "the Company") ") is pleased to announce that its common shares are now trading on the OTCQB® Venture Market under the ticker symbol "CNVCF".

"Admission to the OTCQB® market is an important step to increase US investor access to BioHarvest Sciences, and it provides US investors an additional level of transparency as we expand both our investor base and our customer base in North America." Stated CEO Ilan Sobel. "We will continue to work on expanding our global visibility to investors to match the commercial entry of our products into new markets."

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Radiopharm Theranostics

Australian Ethics Committee Approval to Expand PD-L1 Nanobody (RAD204) Phase 1 Trial in Multiple Tumor Types

Radiopharm Theranostics (ASX:RAD, “Radiopharm” or the “Company”), a clinical-stage biopharmaceutical company focused on developing innovative oncology radiopharmaceuticals for areas of high unmet medical need, is pleased to announce it has been granted Human Research Ethics Committee (HREC) approval to include participants with Programmed Death-Ligand 1 (PD-L1) positive Small Cell Lung Cancer (SCLC), Triple Negative Breast Cancer (TNBC), Melanoma, Head and Neck Cancer (HNSCC), and Endometrial Cancer, as part of its ongoing Phase 1 clinical trial of 177Lu-labelled RAD204 for the treatment of PD-L1 expressing cancers.
Keep reading...Show less
Cardiol Therapeutics' Phase II MAvERIC-Pilot Clinical Results in Recurrent Pericarditis Presented at the American Heart Association Scientific Sessions 2024

Cardiol Therapeutics' Phase II MAvERIC-Pilot Clinical Results in Recurrent Pericarditis Presented at the American Heart Association Scientific Sessions 2024

Marked and rapid reductions in both pericarditis pain and inflammation
maintained throughout the 26-week study

Episodes of pericarditis per year substantially reduced

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Radiopharm Theranostics (ASX:RAD)

Radiopharm Theranostics CEO Shares Company Milestones as NASDAQ Listing Nears

Description

During a fireside chat with analysts from Brookline Capital Markets, Radiopharm Theranostics’ (ASX:RAD) CEO Riccardo Canevari provided clinical and corporate updates highlighting the company’s achievements while waiting for the completion of its listing on the NASDAQ expected at the end of 2024.

Keep reading...Show less
Radiopharm Theranostics

68Ga-RAD 301 (68Ga-Trivehexin) Demonstrates Strong Potential for Imaging of αvβ6-Integrin Expression in Pancreatic Cancer Patients

Radiopharm Theranostics (ASX:RAD, “Radiopharm” or the “Company”), a clinical-stage biopharmaceutical company focused on developing innovative oncology radiopharmaceuticals for areas of high unmet medical need, is pleased to announce that a clinical study featuring 68Ga-Trivehexin (68Ga-RAD 301), conducted by Dr. Rehm and colleagues from the Technische Universität Dresden, has now been published in Frontiers in Nuclear Medicine.

Keep reading...Show less

AMGEN PRESENTS NEW DATA ACROSS RARE INFLAMMATORY DISEASES AT ACR 2024

MITIGATE Phase 3 Study Results Reinforce Promise of UPLIZNA ®   as the First Potential Treatment tor IgG4-RD

Phase 4 AGILE Data Support Shortening KRYSTEXXA ® Infusion Time

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
Collage with hands holding shiny DNA molecule on blue background.

5 Biggest Biotechnology ETFs in 2024

Investing in the biotech industry can be a long road to gains given the sector’s volatility.

Even with a good understanding of the system, no one can predict which treatment, device or therapy will give the biggest return, making biotech exchange-traded funds (ETFs) a more secure option than individual biotech stocks.

An ETF is a relatively safe investment route that can minimize losses while offering exposure to multiple companies instead of focusing on the gains and losses of a single biotech stock. With that in mind, here’s a brief look at the five top biotechnology ETFs by total assets under management (AUM). Data was sourced from ETFdb.com on November 13, 2024, and all data was current as of that time.

Keep reading...Show less

Latest Press Releases

Related News

×