Proceeds to be used for establishing Asia-based manufacturing for TFC-1067
VANCOUVER, July 9, 2019 /CNW/ - Sirona Biochem Corp. (TSX-V:
SBM) (FSE: ZSB) ("Sirona") is pleased to announce it has
arranged a non-brokered private placement for gross proceeds of
$1,000,000. The private placement
consists of 2,500,000 units, (the "Units") at a price of
$0.40 per Unit. Each Unit
consists of one common share and one transferable share purchase
warrant, each whole warrant exercisable into one additional common
share of the Company for a period of 3 years from the date of issue
at a price of $0.60 per share subject
to an acceleration clause.
The Company is proposing to pay a finder's fee to an agent or
agents that assist in procuring the proceeds of the offering. Such
Fee shall consist of a cash fee equal to no more than 8% of the
total proceeds of the Private Placement placed by such finder and
warrants up to 8% of the number of Units the finder sells in the
Private Placement (the "Finder's Warrants"). The Finder's
Warrants will be exercisable into one additional Share of the
Company at a price of CAD$0.60 per
Share for a period of 3 years from the closing date of the Private
Placement.
Sirona Biochem is offering the strategic financing to diversify
its shareholder base to include Asia-based investors who wish to establish an
initial equity position in the company. The funds from this
financing, in addition to general working capital, will be used to
establish Asian-based manufacturing for TFC-1067.In addition,
proceeds from the private placement will also be allocated to
accelerate Sirona's anti-ageing and anti-wrinkle projects.
"We are excited about this financing, principally because it
positions strategic investors that will strengthen ties to our
expanding presence in Asia",
reports Dr. Howard Verrico, CEO of
Sirona Biochem. "Sirona now has a healthy balance sheet that will
allow us to focus on continued growth of the company."
About Sirona Biochem Corp.
Sirona Biochem 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 located 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.
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.
Sirona Biochem cautions you that statements included in this
press release that are not a description of historical facts may be
forward-looking statements. Forward-looking statements are only
predictions based upon current expectations and involve known and
unknown risks and uncertainties. You are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of release of the relevant information, unless
explicitly stated otherwise. Actual results, performance or
achievement could differ materially from those expressed in, or
implied by, Sirona Biochem's forward-looking statements due to the
risks and uncertainties inherent in Sirona Biochem's business
including, without limitation, statements about: the progress and
timing of its clinical trials; difficulties or delays in
development, testing, obtaining regulatory approval, producing and
marketing its products; unexpected adverse side effects or
inadequate therapeutic efficacy of its products that could delay or
prevent product development or commercialization; the scope and
validity of patent protection for its products; competition from
other pharmaceutical or biotechnology companies; and its ability to
obtain additional financing to support its operations. Sirona
Biochem does not assume any obligation to update any
forward-looking statements except as required by law.
SOURCE Sirona Biochem Corp.