/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH US NEWSWIRE SERVICES/
KIRKLAND, QC, Aug. 3, 2016 /CNW Telbec/ - Ortho Regenerative Technologies Inc. ("Ortho RTI" or the "Corporation"), a Canadian orthopaedic biotechnology company, announced today that it is proceeding with a non-brokered private placement of equity units of the Corporation ("Units") of which it has completed a first tranche raising gross proceeds of $460,000 (the "First Tranche"). The Corporation intends to complete further tranches of the Offering in the coming weeks.
The Units were and are being offered at a price of CDN$0.50 per Unit, with each Unit consisting of one Class "A" Share in the share capital of the Corporation (a "Common Share") and one-half of one non-transferable share purchase warrant of the Corporation (a "Warrant"). Each whole Warrant entitles its holder to acquire one additional Common Share a price of CDN$0.70 per share for a period of 24 months from the date of closing of the Offering. The Corporation has the right to accelerate the expiry of the Warrants on 30 days written notice to holders if, during the twenty-four (24) months after the date hereof, the Corporation's weighted average share price for 30 consecutive trading days equals or exceeds $1.00. The Company has the right to increase the size of the Offering without providing further notice to subscribers. The securities issued pursuant to the Offering are subject to a four-month hold period under applicable securities laws.
Canaccord Genuity Corp. has acted as finder for the First Tranche on a non-exclusive basis.
The net proceeds from the Offering will be used for working capital as well as for progressing the development of its lead candidate for rotator cuff injuries and extending patent coverage to international territories.
Following the closing of the First Tranche, the Corporation has 14,926,500 Class "A" Shares issued and outstanding.
Caution regarding forward-looking statements
This news release may contain certain forward-looking statements regarding the Corporation's expectations for future events. Such expectations are based on certain assumptions that are founded on currently available information. If these assumptions prove incorrect, actual results may differ materially from those contemplated by the forward-looking statements contained in this press release. Factors that could cause actual results to differ include, amongst others, uncertainty as to the final result and other risks. The Corporation disclaims any intention or obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise, other than as required by security laws.
About Ortho Regenerative Technologies Inc.
Ortho RTi is a Canadian orthopaedic biotechnology company dedicated to the development of medical devices that treat unmet needs in the orthopaedic market. Based on a proprietary biopolymer platform, the company is developing new regenerative treatments for soft tissue tears in the shoulder and knee as well as articular cartilage injuries, all currently with few productive options for repair.
SOURCE Ortho RTI
For further information: please contact: Ed Margerrison, President and CEO, Ortho RTI, email@example.com, 512-550-8005