VANCOUVER, Feb. 27, 2019 /CNW/ - Sirona Biochem Corp. (TSX-V: SBM) (Frankfurt: ZSB) (Xetra: ZSB) (the "Company") announced today that it has closed an oversubscribed, non-brokered private placement for gross proceeds of $1,783,500. The private placement consists of 17,835,000 units, (the "Units") at a price of $0.10 per Unit. Each Unit consists of one common share and one transferable share purchase warrant, each whole warrant is exercisable into one additional common share of the Company for a period of 3 years from the date of issue at a price of $0.16 per share.
All securities issued under the placement are subject to a statutory hold period expiring on June 27, 2019.
The Company compensated finders by way of cash fees of $62,136 and 621,360 warrants.
The financing consisted of participation by PRO-group member Shaun Chin of PI Financial, for 500,000 units, as well as two insiders. Dr. Howard Verrico, CEO, has participated with the purchase of 960,000 Units and Christopher Hopton, CFO, has participated with a purchase of 350,000 Units.
Net proceeds of the placement will be used for general working capital while the company continues its efforts toward licensing and commercialization of various pipeline products.
The Company also announced that it has granted incentive stock options under its Stock Option Plan to directors and officers of the Company for the purchase of up to 700,000 common shares at a price of $0.12 per share. Directors will receive 400,000 options at $0.12 with a 5 year expiry and Officers will receive 300,000 options at $0.12 with a 10 year expiry.
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential.
Sirona's compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and ongoing royalty payments. Sirona's laboratory, TFChem, is located in France and is the recipient of multiple French national scientific awards and European Union and French government grants. For more information please visit www.sironabiochem.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Sirona Biochem cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. Forward-looking statements are only predictions based upon current expectations and involve known and unknown risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of release of the relevant information, unless explicitly stated otherwise. Actual results, performance or achievement could differ materially from those expressed in, or implied by, Sirona Biochem's forward-looking statements due to the risks and uncertainties inherent in Sirona Biochem's business including, without limitation, statements about: the progress and timing of its clinical trials; difficulties or delays in development, testing, obtaining regulatory approval, producing and marketing its products; unexpected adverse side effects or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization; the scope and validity of patent protection for its products; competition from other pharmaceutical or biotechnology companies; and its ability to obtain additional financing to support its operations. Sirona Biochem does not assume any obligation to update any forward-looking statements except as required by law.
SOURCE Sirona Biochem Corp.
For further information: regarding this press release, please contact: Christopher Hopton, CFO, Sirona Biochem Corp., Phone: 1.604.282.6064, Email: [email protected]