Sirona Biochem Announces Loan
30 January 2024 - 12:30AM
Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (OTC: SRBCF)
(“
Sirona” or the “
Company”)
announced that it has entered into a demand grid promissory note
(the “
Note”) with 0906462 B.C. Ltd. (the
“
Lender”) for a loan in the aggregate principal
amount of up to $1,000,000 (the “
Loan”). Pursuant
to the terms and conditions of the Note:
(a) |
|
the Loan is repayable on demand by the Lender; |
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(b) |
|
the Loan bears interest at a rate of 12% per annum, calculated
yearly not in advance; and |
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(c) |
|
the Company has agreed to, subject to TSX Venture Exchange approval
(“TSXV Approval”), issue the Lender 450,000 common
shares in the capital of the Company (“Bonus
Shares”) at a price of $0.12 per Bonus Share, as
consideration for the risks taken by the Lender in providing the
Company the Loan. |
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The Bonus Shares, if and when issued, will be
subject to a statutory hold period of four months plus a day from
the date of issuance in accordance with applicable securities
legislation.
The Lender is wholly-owned by Howard Verrico, a
director and officer of the Company. Accordingly, the Loan
constitutes a “related party transaction” as defined in
Multilateral Instrument 61-101 - Protection of Minority
Securityholders in Special Transactions (“MI
61-101”). The Company is relying on the exemption from
valuation requirement and minority approval pursuant to subsection
5.5(a) and 5.7(1)(a) of MI 61-101, respectively, for the Loan, as
the value of the Loan does not represent more than 25% of the
Company’s market capitalization, as determined in accordance with
MI 61-101.
About Sirona Biochem Corp.
Sirona is a cosmetic ingredient and drug
discovery company with a proprietary platform technology. Sirona
specializes in stabilizing carbohydrate molecules with the goal of
improving efficacy and safety. New compounds are patented for
maximum revenue potential.
Sirona’s compounds are licensed to leading
companies around the world in return for licensing fees, milestone
fees and ongoing royalty payments. Sirona’s laboratory, TFChem, is
in France and is the recipient of multiple French national
scientific awards and European Union and French government grants.
For more information, please visit www.sironabiochem.com.
For more information regarding this press
release, please contact:
Investor Enquiries:
Email: Info@sironabiochem.comChristopher Hopton, CFO,
604-641-4466
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward Looking Statements
This news release includes certain statements
that may be deemed “forward-looking statements”. All statements in
this new release, other than statements of historical facts, that
address events or developments that the Company expects to occur,
are forward-looking statements. Forward-looking statements are
statements that are not historical facts and are generally, but not
always, identified by the words “expects”, “plans”, “anticipates”,
“believes”, “intends”, “estimates”, “projects”, “potential” and
similar expressions, or that events or conditions “will”, “would”,
“may”, “could” or “should” occur. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from
those in the forward-looking statements. Factors that could cause
the actual results to differ materially from those in
forward-looking statements include market prices, continued
availability of capital and financing, and general economic, market
or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. Forward-looking statements are
based on the beliefs, estimates and opinions of the Company’s
management on the date the statements are made. Except as required
by applicable securities laws, the Company undertakes no obligation
to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors,
should change.
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