Bioasis Announces Non-Brokered Private Placement

Bioasis Technologies (TSXV:BTI) has announced its intentions to pursue a non-brokered private placement of units at $0.552 per unit for aggregate gross proceeds of up to C$3 million.

As quoted in the press release:

Each Unit will consist of one common share of the Company (a “Common Share“) and one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant“). Each Warrant entitles the registered holder to purchase one Common Share (a “Warrant Share”) at an exercise price of C$0.69 per Warrant Share for a period of 60 months from the date of closing of the private placement, subject to the terms and conditions set out in the Warrant. All securities issued pursuant to the private placement will be subject to a four month hold period in accordance with applicable Canadian securities laws.

The Company will use the net proceeds from the private placement to support ongoing research and development, clinical development, manufacturing and other activities in respect of the Company’s clinical development pipeline and for working capital and general corporate purposes. Closing of the private placement is subject to the approval of the TSX Venture Exchange (“TSXV”).

“We are committed to our pursuit to develop effective medicines to treat brain cancers and neurodegenerative diseases, which have the potential to make a serious impact on the lives of patients suffering with these diseases,” said Mark Day, Ph.D., president & chief executive officer, Bioasis. “We look forward to completing the financing, which will allow the Company to be in a stronger position to advance our programs utilizing our proprietary xB³ platform technology.”

Click here to read the full press release.