At closing, the Company issued 100,043,291 common shares of the Company (the 'Shares') at a price of
The Rights Offering was oversubscribed by approximately 14.25%. The Company received subscriptions for 40,782,312 Shares pursuant to the basic subscription privilege and 73,518,922 Shares pursuant to the additional subscription privilege. The additional subscriptions were pro-rated within the 59,260,979 Shares remaining after the basic subscription privilege and the excess subscription funds returned to the subscribers. As a result, the total number of Shares issued under the Rights Offering is the maximum of 100,043,291 Shares. Following the closing of the Rights Offering, the Company has 300,129,874 Shares issued and outstanding.
To the knowledge of the Company, after reasonable inquiry, directors, officers, employees and insiders of the Company, excluding
To the knowledge of the Company, InCoR fully exercised its basic subscription privilege to purchase its pro rata portion of the Shares offered, being 11,543,455 Shares, and purchased approximately 25,969,292 Shares through the exercise of its additional subscription privilege. InCoR's total subscription was approximately 37,512,747 Shares under the Rights Offering. Upon completion of the Rights Offering, InCoR currently owns or controls, directly or indirectly, approximately 21.49% of the Company's issued and outstanding Shares.
To the knowledge of the Company,
In addition, each of InCoR and Springhill was issued 9,663,482 non-transferable compensation warrants in consideration for providing a stand-by commitment for the Rights Offering. Each such non-transferable compensation warrant is exercisable for one Share at a price of
There were no selling fees or commissions paid in connection with the Rights Offering distribution. The net proceeds of the Rights Offering will be used in the manner disclosed in the rights offering circular of the Company dated
The Rights and the underlying Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the '
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Cautionary Statement Regarding 'Forward-Looking' Information
This news release includes certain 'forward-looking information' and 'forward-looking statements' (collectively 'forward-looking statements') within the meaning of applicable Canadian and
Forward-looking statements are frequently, but not always, identified by words such as 'expects', 'anticipates', 'believes', 'intends', 'estimates', 'potential', 'possible', and similar expressions, or statements that events, conditions, or results 'will', 'may', 'could', or 'should' occur or be achieved. Forward-looking statements in this news release relate to, among other things, the use of proceeds and final acceptance of the Exchange. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the risk that the Company may use the proceeds of the Rights Offering for purposes other than as disclosed or the Company does not receive the final acceptance of the
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