Genix Pharmaceuticals arranges $100,000 financing

Executive Summary

• Genix Pharmaceuticals Corp. announced a non-brokered private placement of up to 2,000,000 units at $0.05 per unit, aiming to raise up to $100,000 in gross proceeds.
• Each unit consists of one common share and one warrant, with warrants exercisable at $0.10 per share for two years.
• Proceeds are designated for outstanding payments related to the company's age-related macular degeneration (ARMD) eye drop project and general working capital.

Key Details

• Offering Size: Up to 2,000,000 units.
• Price: $0.05 per unit.
• Gross Proceeds: Up to $100,000.
• Unit Composition: Each unit comprises one common share and one warrant.
• Warrant Terms: Each whole warrant entitles the holder to purchase one common share at an exercise price of $0.10.
• Warrant Expiry: The warrants are exercisable for a period of two years from issuance.
• Use of Proceeds: Outstanding payments related to the ARMD eye drop project and general working capital.
• Hold Period: All securities are subject to a hold period of four months and one day from the date of issuance.
• Regulatory Conditions: Completion is subject to necessary regulatory approvals, including TSX Venture Exchange approval.
• Insider Participation: Certain directors and officers are expected to participate. This is treated as a related party transaction under Multilateral Instrument 61-101.
• Exemptions: The company expects exemption from formal valuation and minority shareholder approval requirements for insider participation, relying on sections 5.5(a) and 5.7(a) of MI 61-101, as insider participation will not exceed 25% of the company's market capitalization.