Onco-Innovations Announces Private Placement

Executive Summary

• Onco-Innovations Limited intends to complete a non-brokered private placement of up to 243,903 units at $1.64 per unit, raising up to $400,000 in gross proceeds.
• Each unit consists of one common share and one warrant exercisable at $2.05 for 36 months.
• The Board approved the grant of 119,785 incentive stock options and 960,000 restricted share units (RSUs) under the company's equity incentive plan.

Key Details

• Private Placement Structure: Non-brokered private placement of up to 243,903 units.
• Price: $1.64 per unit.
• Gross Proceeds: Up to $400,000.
• Unit Composition: Each unit comprises one common share and one share purchase warrant.
• Warrant Terms: Each warrant allows the purchase of one share at an exercise price of $2.05 for a period of 36 months.
• Administrative Fee: The company intends to issue shares equal to 1.0% of the total shares issued in the private placement to an arm's-length third party as an administrative fee.
• Use of Proceeds: General corporate and working capital purposes, including operational and research and development objectives.
• Hold Period: All securities issued are subject to a hold period of four months and one day.
• Regulatory Conditions: Closing is subject to necessary regulatory and other approvals.
• Equity Incentive Grants:
  • 119,785 incentive stock options granted.
  • 960,000 restricted share units (RSUs) granted.
  • Grants made pursuant to the Company's equity incentive plan.

Notable Quotes

• No direct quotes from the CEO or President were included in the text of the release.