Stocks to watch 2019: Khiron Life Sciences Corp. (TSXV: KHRN) (OTCQB: KHRNF)
Stocks to watch 2019: Khiron Life Sciences Corp. (TSXV: KHRN) (OTCQB: KHRNF) – RICH TV LIVE – FEBRUARY 6, 2019 – Khiron Life Sciences Corp. (“Khiron” or the “Company”) (TSXV: KHRN), (OTCQB: KHRNF), (Frankfurt: A2JMZC) is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. and BMO Capital Markets as co-lead underwriters and joint bookrunners, and including Cormark Securities Inc. (together, the “Underwriters”) under which the Underwriters have agreed to purchase 9,100,000 common shares of the Company (“Common Shares”), on a “bought deal” basis pursuant to a short form prospectus offering, subject to all required regulatory approvals, at a price per Common Share of .20 (the “Issue Price”) for gross proceeds of ,020,000 (the “Offering”).
The Company has also granted the Underwriters an over-allotment option (the “Over-Allotment Option”) to purchase up to an additional 15% of the Common Shares at the Issue Price, exercisable in whole or in part at any time on or up to 30 days following the closing of the Offering. If this option is exercised in full, the Company will receive an additional ,003,000 in gross proceeds for total aggregate gross proceeds of ,023,000.
The Company intends to use the net proceeds of the Offering to expand the Company’s operating capacity and for working capital requirements and other general corporate purposes.
In connection with the Offering the Company has agreed to pay the Underwriters a cash commission equal to 6.0% of the gross proceeds raised from the Offering (including on any exercise of the Over-Allotment Option), and non-transferable broker warrants equal to 6.0% of the Common Shares sold under the Offering (including on any exercise of the Over-Allotment Option). Each broker warrant will be exercisable at the Issue Price to acquire one Common Share for a period of 24 months following the closing of the Offering.
The closing date of the Offering is scheduled to be on or about February 28, 2019 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange (“TSXV”) and the applicable securities regulatory authorities.
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