Surenano arranges $1.25-million private placement

Executive Summary

• Surenano Science Ltd. announced a private placement offering up to $1.25 million in gross proceeds.
• The offering consists of up to 10 million units priced at 12.5 cents per unit, with each unit comprising one common share and one warrant.
• Proceeds are designated for operating expenses, legal/audit fees, and working capital to explore new markets for its Surenano surfactant.

Key Details

• Gross Proceeds: Up to $1.25 million.
• Units Offered: Up to 10,000,000 units.
• Price Per Unit: 12.5 cents CAD.
• Unit Composition: Each unit consists of one common share and one common share purchase warrant.
• Warrant Terms:
  • Each warrant allows the holder to acquire one common share at an exercise price of 35 cents.
  • Warrant expiry is 24 months from the date of issuance.
  • Acceleration Provision: If the company's shares trade on the Canadian Securities Exchange at a closing price of 50 cents or greater for 10 consecutive trading days (starting after four months and one day post-closing), the company may accelerate warrant expiry by giving notice, with warrants expiring 30 days after such notice.
• Finder’s Fees: Finders may receive a commission of 6% in cash and 6% in common share purchase warrants (exercisable at 35 cents per share for 24 months).
• Use of Proceeds: Operating expenses (including legal and audit fees), general working capital, exploring new markets for Surenano surfactant, and investigating complementary industries.
• Hold Period: All securities issued are subject to a four-month-and-a-day hold period.

Notable Quotes

• None provided in the text.