TORONTO, June 10, 2019 /CNW/ - Lumira Capital Investment Management Inc. o/a Lumira Ventures ("Lumira") announces that they have acquired 10,562,018 common shares of Edesa Biotech, Inc. (formerly Stellar Biotechnologies, Inc.) (the "Issuer") (the "Common Shares"). 10,562,018 Common Shares acquired by Lumira are indirectly held by Lumira through Lumira Capital II, L.P. and Lumira Capital II (International), L.P. (the "Accounts"). Stellar Biotechnologies, Inc. ("Stellar"), Edesa Biotech, Inc. ("Edesa"), and the shareholders of Edesa entered into a share exchange agreement (the "Share Exchange Agreement") pursuant to which Lumira acquired 10,562,018 Common Shares in exchange for 555,445 preference shares of Edesa (the "Exchange"). The Exchange was completed on June 7, 2019. Following the completion of the Exchange, the Issuer will change its name to "Edesa Biotech, Inc.", and Peter van der Velden, Managing General Partner of Lumira, was appointed as a director of the Issuer.
Lumira exchanged 555,445 preference shares of Edesa, representing approximately 26.8% of the issued and outstanding shares of Edesa, for 10,562,018 Common Shares. On the day immediately prior to closing of the Exchange, the Common Shares closed trading at a price of C$1.51. Accordingly, the value of the consideration paid to Lumira pursuant to the Exchange is approximately C$15,948,647.
Prior to the Exchange, Lumira did not directly, indirectly own and/or control any Common Shares. Immediately after the closing of the Exchange, Lumira, through the Accounts, now indirectly holds 10,562,018 Common Shares, representing approximately 24.7% of the issued and outstanding Common Shares of Stellar.
Lumira, through the Accounts, acquired the Common Shares for investment purposes. Lumira expects to monitor the business, prospects, financial condition and potential capital requirements of Stellar, and depending on its evaluation of these and other factors, Lumira may from time to time in the future increase or decrease its direct or indirect ownership, control or direction over Common Shares or other securities of the Issuer through market transactions, private agreements, subscriptions from treasury or otherwise.
The Issuer's head office address is 100 Spy Court, Markham, Ontario, Canada, L3R 5H6.
SOURCE Lumira Capital Investment Management Inc. o/a Lumira Ventures
For further information: including a copy of the corresponding report filed with Canadian securities regulators, please visit www.sedar.com or contact: Peter van der Velden, Managing General Partner, Lumira Ventures, 141 Adelaide Street West, Suite 770, Toronto, ON M5H3L5