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TORONTO, July 6, 2015 /CNW/ - Amorfix Life Sciences Ltd. announces that it has closed the first tranche of the non-brokered Private Placement announced May 22nd (the Offering) and approved at the Company's Annual and Special Shareholder Meeting of June 29th. Pursuant to the closing of the Offering 50,044,050 common shares of Amorfix (Shares) at $0.03 per share were issued for gross proceeds of CDN $ 1,501,321.50.
Having exceeded the required minimum of CDN $1,500,000, and given the on-going interest in this Offering, the opportunity to subscribe up to a maximum of CDN $2,500,000 has been extended until July 29, 2015.
With the funds available from the Offering, the Company will focus its efforts on "Bringing the power of precision medicine to conquering Alzheimer's disease".
As approved at the Company's Annual and Special General Meeting of June 29th and to highlight this new strategic focus the Company will be renamed ProMIS Neurosciences, Inc., with effect on or about July 8th.
In connection with the Offering, Amorfix may pay to a finder a cash commission of up to 7% of the gross proceeds of the subscription amounts received from such finder's subscribers.
All securities issued in connection with the Offering are subject to a four month hold period from the date of issuance in accordance with applicable securities law.
The Company also reports that it has granted effective today 4,729,300 stock options to each of its three senior executives, Eugene Williams (Executive Chairman), Dr. Elliot Goldstein (President and CEO) and Dr. Neil Cashman (Chief Scientific Officer). All stock options are exercisable at $0.0405 per share and expire in 10 years, with 25% of the options vesting immediately and the remaining vesting in equal monthly installments over 36 months.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirement of such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Amorfix (ProMIS Neurosciences)
Amorfix Life Sciences Ltd. (TSX: AMF) is an early-stage company developing specific diagnostics and antibody therapeutics targeting misfolded proteins in neurodegenerative disease. Amorfix utilizes its computational discovery platform, ProMISTM,to predict novel targets known as Disease Specific Epitopes (DSEs) on the molecular surface of misfolded proteins. Using this 'Precision Medicine' approach, Amorfix is developing novel antibody therapeutics and specific companion diagnostics for Alzheimer's disease and ALS. In addition, Amorfix has developed two proprietary technologies to specifically identify very low levels of misfolded proteins in a biological sample: Epitope ProtectionTM and AMFIATM, an ultra-sensitive dual-bead immunoassay.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This information release may contain certain forward-looking information. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by statements herein, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company's current beliefs as well as assumptions made by and information currently available to it as well as other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Amorfix Life Sciences Ltd.
For further information: Dr. Elliot Goldstein, President and Chief Executive Officer, Amorfix Life Sciences Ltd., Tel: (415) 341-5783, Fax: (416) 847-6899, email@example.com; Warren Whitehead, Chief Financial Officer, Amorfix Life Sciences Ltd., Tel: (416) 644-7358, Fax: (416) 847-6899, firstname.lastname@example.org