Hemostemix (TSXV:HEM,OTC:HMTXF) announced a non-brokered private placement of up to 300,000,000 units at C$0.01 a piece for gross proceeds of up to C$3 million.

As quoted in the press release:

Each Unit is comprised of one common share of the Company (each a “Share”) and one share purchase warrant (each a “Warrant”). Each Warrant will entitle the holder to acquire one additional Share in the capital of the Company at a price of $0.05 per Warrant, for a period of one year from the date the Units are issued.

The pricing of the Offering is in reliance on the temporary relief measures established by the TSX Venture Exchange (the “Exchange”), and therefore the Offering and its pricing require approval of the Exchange having regard to the temporary relief criteria set out in the Exchange’s bulletin of April 7, 2014, (the “Temporary Relief Measures”). In order to comply with the Temporary Relief Measures, the board of directors is proposing to consolidate the Company’s issued and outstanding common shares on a minimum of one new for ten old common shares, or such other consolidation ratio as the board of directors may determine. The consolidation will increase the Company’s flexibility and competitiveness in the marketplace, and make the Company’s securities more attractive to a wider audience of potential investors, thereby resulting in a more efficient market for the common shares.

Click here to read the full press release.