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VANCOUVER, British Columbia, Aug. 23, 2018 (GLOBE NEWSWIRE) -- Advanced Proteome Therapeutics Corporation (“ APC ” or the “ Company ”) (TSXV: APC) (FSE: 0E8) is pleased to announce that it has closed a first tranche of a non-brokered private placement (the “ Private Placement ”) raising gross proceeds of $302,000 by the issuance of 6,040,000 units at a price of $0.05 per Unit.
Each unit consists of one common share and one transferable common share purchase warrant of the Company, with each warrant exercisable for a period of two years from the date of closing at a price of $0.075 per share.
The Company paid finder’s fees in the amount of 8% cash and 8% warrants to Mackie Research Capital Corp., Haywood Securities Inc. and Canaccord Genuity Corp. Each finder’s warrant is non-transferable and exercisable for a period of 2 years from the date of closing at a price of $0.075 per share. All securities issued in connection with the Private Placement are subject to a 4‑month hold period in Canada.
The gross proceeds of the Private Placement will be used as follows:
| Description: | Use of Proceeds | ||
| Research and development activities related to the Company’s site-selective linker technology for the development of antibody-drug conjugates: | $ | 212,000 | |
| General working capital: | $ | 90,000 | |
| Total: | $ | 302,000 | |
The Company confirms that there is no material fact or material change about the Company that has not already been generally disclosed.
Insiders of the Company subscribed for 1,150,000 units, with William John (Bill) Dickie, CEO and a director of the Company, subscribing for 400,000 units through a company he controls; Alexander Krantz, CSO, COO, Secretary and a director of the Company, subscribing for 400,000 units and Paul Woodward, a director of the Company, subscribing for 350,000 Units. As a result, the Private Placement is a related party transaction (as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“ MI 61-101 ”)). The Company relied upon the “Issuer Not Listed on Specified Markets” and “Fair Market Value Not More Than $2,500,000” exemptions from the formal valuation and minority shareholder approval requirements, respectively, under MI 61-101.
“This first tranche of additional funds will allow the company to complete current projects and extend its R+D program to develop new antibody-based drug candidates while continuing to foster existing pharma relationships. We are pleased with the continuing support of both our existing and new shareholder base,” commented Bill Dickie, President and CEO of Advanced Proteome Therapeutics.
ABOUT THE COMPANY:
Advanced Proteome Therapeutics Corporation is developing a proprietary technology to directly target cancerous tumors and avoid destroying normal cells. This type of agent is capable of greater potency, higher specificity, and lower toxicity than other therapies that can also attack healthy cells. Advanced Proteome is working to streamline the process by which these agents are prepared, which to date, has been extremely cumbersome, limiting their potential. www.advancedproteome.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Advanced Proteome Therapeutics Corporation William John (Bill) Dickie President and Chief Executive Officer Tel: 613.852.3217 http://www.advancedproteome.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.
This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
