Awakn Life Sciences Announces Closing of Tranche of Private Placement and Warrant Extension
Awakn Life Sciences Corp. (CSE: AWKN) (OTCQB: AWKNF) has closed a third tranche of its non-brokered private placement, issuing 428,571 units at $0.46 per unit for additional gross proceeds of $197,143. Each unit comprises one common share and 0.75 of a warrant, with each whole warrant allowing the purchase of one common share at $0.63 for five years. The company has also extended the expiry date of 5,610,920 warrants with an exercise price of $0.68. Proceeds will fund general working capital. The securities are subject to a four-month hold period, and the warrant extension includes a related party transaction exempt from formal valuation and minority approval requirements.
Awakn Life Sciences Corp. (CSE: AWKN) (OTCQB: AWKNF) ha concluso una terza tranche del suo collocamento privato non intermediato, emettendo 428.571 unità a $0,46 per unità per un ulteriore incasso lordo di $197.143. Ogni unità comprende una azione comune e 0,75 di un warrant, con ogni warrant intero che consente l'acquisto di un'azione comune a $0,63 per cinque anni. L'azienda ha anche esteso la data di scadenza di 5.610.920 warrant con un prezzo di esercizio di $0,68. I proventi finanziaranno il capitale di funzionamento generale. I titoli sono soggetti a un periodo di fermo di quattro mesi, e l'estensione del warrant include una transazione con parti collegate esente da valutazione formale e requisiti di approvazione delle minoranze.
Awakn Life Sciences Corp. (CSE: AWKN) (OTCQB: AWKNF) ha cerrado una tercera tranche de su colocación privada no intermediada, emitiendo 428,571 unidades a $0.46 por unidad para ingresos brutos adicionales de $197,143. Cada unidad consiste en una acción común y 0.75 de un warrant, con cada warrant entero permitiendo la compra de una acción común a $0.63 durante cinco años. La compañía también ha extendido la fecha de caducidad de 5,610,920 warrants con un precio de ejercicio de $0.68. Los ingresos financiarán el capital de trabajo general. Los valores están sujetos a un período de retención de cuatro meses, y la extensión de warrants incluye una transacción entre partes relacionadas exenta de valoración formal y requisitos de aprobación de minorías.
Awakn Life Sciences Corp. (CSE: AWKN) (OTCQB: AWKNF)는 중개인 없이 비공식 사모 모집의 세 번째 트랜치를 완료하며 428,571 유니트를 유니트당 $0.46에 발행하여 추가 총 수익 $197,143을 기록했습니다. 각 유니트는 하나의 보통주와 0.75의 워런트로 구성되며, 각 전체 워런트는 향후 5년간 주당 $0.63에 하나의 보통주를 구매할 수 있습니다. 회사는 또한 $0.68의 행사가격을 가진 5,610,920 워런트의 만료일을 연장했습니다. 수익금은 일반 운영 자본을 지원할 것입니다. 증권은 4개월의 보류 기간에 해당되며, 워런트 연장에는 정식 평가 및 소수 승인 요건에서 면제되는 관련 당사자 거래가 포함됩니다.
Awakn Life Sciences Corp. (CSE: AWKN) (OTCQB: AWKNF) a clos une troisième tranche de son placement privé non placé, en émettant 428.571 unités à 0,46 $ par unité pour des produits bruts supplémentaires de 197.143 $. Chaque unité comprend une action ordinaire et 0,75 d'un warrant, chaque warrant complet permettant l'achat d'une action ordinaire à 0,63 $ pendant cinq ans. La société a également prolongé la date d'expiration de 5.610.920 warrants avec un prix d'exercice de 0,68 $. Les produits serviront à financer le fonds de roulement général. Les titres sont soumis à une période de blocage de quatre mois, et l'extension des warrants inclut une transaction entre parties liées exempte d'évaluation formelle et d'exigences d'approbation des minorités.
Awakn Life Sciences Corp. (CSE: AWKN) (OTCQB: AWKNF) hat eine dritte Tranche ihres nicht vermittelte Privatplatzierung abgeschlossen und 428.571 Einheiten zu $0,46 pro Einheit ausgegeben, was zusätzliche Bruttoeinnahmen von $197.143 ergibt. Jede Einheit besteht aus einer Stammaktie und 0,75 einer Warrant, wobei jede volle Warrant den Kauf einer Stammaktie zu $0,63 für fünf Jahre ermöglicht. Das Unternehmen hat auch das Ablaufdatum von 5.610.920 Warrants mit einem Ausübungspreis von $0,68 verlängert. Die Einnahmen werden die allgemeinen Betriebskosten finanzieren. Die Wertpapiere unterliegen einer viermonatigen Haltedauer, und die Warrantverlängerung umfasst eine Transaktion mit verbundenen Parteien, die von formalen Bewertungs- und Minderheitsgenehmigungsanforderungen ausgenommen ist.
- Raised additional $197,143 through private placement
- Extended expiry date of 5,610,920 warrants, potentially providing future capital
- Potential dilution of existing shareholders due to new unit issuance
- Warrant extension may delay potential exercise and capital inflow
Toronto, Ontario--(Newsfile Corp. - July 31, 2024) - Awakn Life Sciences Corp. (CSE: AWKN) (OTCQB: AWKNF) (FSE: 954) ("Awakn" or the "Company") a clinical-stage biotechnology company developing therapeutics for substance use and mental health disorders, with a near-term focus on Alcohol Use Disorder ("AUD"), is pleased to announce that, further to its press releases dated April 3, 2024, April 17, 2024, and June 4, 2024 it has closed a third tranche of its previously announced non-brokered private placement (the "Offering") through the issuance of an additional 428,571 units (the "Units") at a price of
Each unit is comprised of one common share in the capital of the Company (each, a "Common Share") and three quarters (0.75) of one whole Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of
All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.
In addition to this, the Company has also elected to extend the expiry date of 5,610,920 common share purchase warrants, each warrant with an exercise price of
- 1,933,654 warrants issued on September 14, 2022, with an initial expiry date of September 14, 2024, has been extend to September 14, 2027.
- 3,677,266 warrants issued on November 16, 2022, with an initial expiry date of November 16, 2026 have been extended to November 16, 2027.
A total of 85,000 Warrants are held by parties considered to be "related parties" of the Company. Therefore, the Warrant Amendment constitutes a "related party transaction" as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon as the fair market value of the Warrants held by insiders does not exceed
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons as defined under applicable United States securities laws unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Awakn Life Sciences Corp.
Awakn Life Sciences Corp. is a clinical-stage biotechnology company developing therapeutics targeting substance use and mental health disorders. Awakn has a near-term focus on Alcohol Use Disorder, a condition affecting approximately 29 million adults in the US and approximately 40 million in the US and key European markets for which the current standard of care is inadequate. Our goal is to provide breakthrough therapeutics to addiction sufferers in desperate need and our strategy is focused on commercialising our R&D pipeline across multiple channels.
www.awaknlifesciences.com | LinkedIn | X (formerly Twitter)
Notice Regarding Forward-Looking Information
This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward-looking statements"). Forward-looking statements reflect current expectations or beliefs regarding future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates", "targets" or "believes", or variations of, or the negatives of, such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved, including statements relating the business of the Company. All forward-looking statements, including those herein are qualified by this cautionary statement.
Although the Company believes that the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information. These include, but are not limited to: fluctuations in general macroeconomic conditions; the business plans and strategies of the Company; the ability of the Company to comply with all applicable governmental regulations in a highly regulated business; the inherent risks in investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal in some jurisdictions; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; fluctuations in securities markets; inconsistent public opinion and perception regarding the medical-use of psychedelic drugs; expectations regarding the size of the addiction market; and regulatory or political change. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date or dates specified in such statements.
Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking information. For more information on the Company, investors are encouraged to review the Company's public filings on SEDAR at www.sedarplus.ca. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Investor Enquiries:
Anthony Tennyson, CEO, Awakn Life Sciences
anthony.tennyson@awaknlifesciences.com
416-270-9566
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218346
FAQ
How much did Awakn Life Sciences (AWKNF) raise in the third tranche of its private placement?
What is the exercise price and expiry of the warrants issued by Awakn Life Sciences (AWKNF) in the private placement?
How many warrants did Awakn Life Sciences (AWKNF) extend and what is their new expiry date?
What will Awakn Life Sciences (AWKNF) use the proceeds from the private placement for?
