Bioasis Announces Shares for Debt Transaction

Rhea-AI Summary

Bioasis Technologies (OTCQB:BIOAF) announced on February 10, 2021, that it will issue 300,000 common shares at a price of $0.3975 per share to a third party to settle a contractual dispute. This shares-for-debt agreement is pending approval from the TSX Venture Exchange and will be subject to a four-month hold period post-issuance. The company focuses on delivering therapeutics across the blood-brain barrier, addressing significant medical needs in CNS disorders like brain cancers and neurodegenerative diseases.

Positive

• Issuing shares to settle a contractual dispute demonstrates financial strategy and management of obligations.

Negative

• Issuing shares may lead to shareholder dilution.

NEW HAVEN, Conn., Feb. 10, 2021 (GLOBE NEWSWIRE) -- BIOASIS TECHNOLOGIES INC. (OTCQB:BIOAF; TSX.V:BTI), a pre-clinical, research-stage biopharmaceutical company developing its proprietary xB³ ™ platform technology for the delivery of therapeutics across the blood-brain barrier (“BBB”) and the treatment of central nervous system (“CNS”) disorders in areas of high unmet medical need, including brain cancers and neurodegenerative diseases, today announced that it has entered into an agreement with an arm’s length third party pursuant to which Bioasis has agreed to issue 300,000 common shares to the third party at a deemed price of $0.3975 per share in order to resolve a contractual dispute. The shares for debt settlement remains subject to approval by the TSX Venture Exchange (the “TSXV”). The common shares issued pursuant to the shares for debt settlement will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issuance.

On behalf of the Board of Directors of Bioasis Technologies Inc.

Deborah Rathjen, Ph.D., Executive Chair
deborah@bioasis.us
+1 203 533 7082

About Bioasis

Bioasis Technologies Inc. is a biopharmaceutical company developing the xB³ ™ platform, a proprietary technology for the delivery of therapeutics across the blood brain barrier and the treatment of CNS disorders in areas of high unmet medical need, including brain cancers and neurodegenerative diseases. The delivery of therapeutics across the blood brain barrier represents the final frontier in treating neurological disorders. The in-house development programs at Bioasis are designed to develop symptomatic and disease-modifying treatments for brain-related diseases and disorders. For more information about the company, please visit www.bioasis.us.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FAQ

What is Bioasis Technologies' agreement on February 10, 2021?

Bioasis Technologies announced an agreement to issue 300,000 shares at $0.3975 each to resolve a contractual dispute.

How many shares will Bioasis issue to settle its dispute?

Bioasis will issue 300,000 common shares.

What is the deemed price per share for the Bioasis settlement?

The deemed price per share is $0.3975.

Is the shares-for-debt settlement by Bioasis subject to approval?

Yes, it requires approval from the TSX Venture Exchange.

What is the hold period for the shares issued by Bioasis?

The shares will be subject to a four-month hold period.