Theralase Technologies closes $1.1-million financing

Executive Summary

• Theralase Technologies Inc. closed a non-brokered private placement of units, raising $1.1 million in gross proceeds.
• The company issued 4,230,770 units at a price of $0.26 per unit, with each unit comprising one common share and one common share purchase warrant.
• Proceeds are designated for the phase II non-muscle invasive bladder cancer (NMIBC) clinical study, working capital, and general corporate purposes.

Key Details

• Total Gross Proceeds: $1.1 million.
• Units Issued: 4,230,770 units.
• Price Per Unit: $0.26.
• Warrant Terms: Each unit includes one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at an exercise price of $0.36 per share.
• Warrant Expiration: Five years following the date of closing.
• Hold Period: Four months and one day from the closing date under Canadian securities laws, expiring on July 11, 2026.
• Use of Proceeds: Furthering the phase II NMIBC clinical study currently under way, working capital, and general corporate purposes.
• Regulatory Status: Subject to receipt of final acceptance from the TSX Venture Exchange.
• Related Party Transactions:
  • 100,000 units were issued to insiders, representing gross proceeds of $26,000.
  • Exempt from formal valuation requirements under Multilateral Instrument 61-101 (Section 5.5(b)) as no securities are listed on US or Canadian exchanges other than TSXV.
  • Exempt from minority shareholder approval under MI 61-101 (Section 5.7(1)(a)) as the aggregate value of insider subscriptions does not exceed 25% of the corporation's market capitalization.
  • Less than 21 days elapsed between the filing of the material change report and the completion date of the offering.