QUÉBEC CITY, Jan. 5, 2016 /CNW Telbec/ - TSO3 Inc. (TSX: TOS), an innovator in sterilization technology for medical devices in healthcare settings, announced today that it is accelerating the expiry date of the warrants issued on March 5, 2015 to 5:00 p.m. (Eastern Time) on February 4, 2016. Any warrants not exercised prior to this time will expire without any further notice or action.
The Company currently has approximately 9 million warrants outstanding, of which 8.5 million warrants are subject to the new expiry date. These warrants represent a total of $16 million in proceeds if all the warrants are exercised. The outstanding warrants are exercisable into one common share of the Company's common stock at a price of $1.875 per common share. Assuming all of the warrants are exercised as of today, the Company's total shares outstanding would be 91.8 million.
These warrants were issued on the closing date of the bought deal offering by prospectus in March 2015. The warrants were subject to an accelerated expiry if at any time after September 30, 2015, the published closing trade price of the Company's common shares on the TSX was equal to or greater than $2.00 for 10 consecutive trading days.
Founded in 1998, TSO3's activities encompass the sale, production, maintenance, research, development and licensing of sterilization processes, related consumable supplies and accessories for heat-sensitive medical devices. The Company designs products for sterile processing areas in the hospital environment that offer an advantageous replacement solution to other low temperature sterilization processes currently used in hospitals. It also offers services related to the maintenance of sterilization equipment and compatibility testing of medical devices with such processes. For more information about TSO3, visit the company's web site at www.tso3.com or contact Liolios Group at 949 574-3860 or email [email protected] or Renmark Financial Communications at 416 644-2020 or 514 939-3989 or by email at [email protected].
The statements in this release and oral statements made by representatives of TSO3 relating to matters that are not historical facts (including, without limitation, those regarding the timing or outcome of any financing undertaken by TSO3) are forward-looking statements that involve certain risks, uncertainties and hypotheses, including, but not limited to, general business and economic conditions, the condition of the financial markets, the ability of TSO3 to obtain financing on favourable terms and other risks and uncertainties.
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.
The TSX has neither approved nor disapproved the information contained herein and accepts no responsibility for it.
SOURCE TSO3 Inc.
For further information: Company Contact: TSO, Inc., R.M. (Ric) Rumble, President and CEO, Tel: 418 651-0003, Email: [email protected]; TSO, Inc., Glen Kayll, CFO, Tel: 418 651-0003, Email: [email protected]; Investor Relations: Liolios Group, Inc., Ron Both, Tel: 949 574-3860, [email protected]; Renmark Financial Communications Inc., Barry Mire, Tel: 416 644-2020 or 514 939-3989, [email protected]