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VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/11/17 -- Advanced Proteome Therapeutics Corporation ("APC" or the "Company") (TSX VENTURE: APC)(FRANKFURT: 0E8) is pleased to report that it has completed its previously announced rights offering (the "Rights Offering").
Under the Rights Offering, on July 10, 2017, 7,136,216 units of the Corporation (the "Units") were distributed at a price of $0.06 per Unit for gross proceeds to the Corporation of $428,172.96. Each Unit consists of one common share of the Corporation (a "Common Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"), with each Warrant entitling its holder to purchase one additional Common Share at a price of $0.10 per Common Share until July 10, 2018.
Upon closing of the Rights Offering, there are 133,821,634 Common Shares outstanding and 21,786,773 Common Shares reserved for issuance, including 11,961,773 common share purchase warrants (3,568,108 of which were issued pursuant to the Rights Offering).
The Corporation intends to use the net proceeds of which will be used for debt repayment as well as working capital.
To the knowledge of the Corporation, after reasonable inquiry, directors, officers and other insiders of the Corporation exercised their basic subscription privileges to acquire an aggregate of 6,250 Units under the Rights Offering, and additional subscription privileges to acquire an aggregate of 83,333 Units under the Rights Offering, representing total subscription proceeds of approximately $5,374.98. To the knowledge of the Corporation, after reasonable inquiry, no person that was not an insider became an insider of the Corporation as a result of the Rights Offering.
The Corporation will pay solicitation fees in the aggregate amount of $16,701.52, representing $0.0026 for each Unit subscribed for, to members of Investment Industry Regulatory Organization of Canada (IIROC) which exercised rights on behalf of their clients.
Advanced Proteome Therapeutics Corporation (APC) is advancing a site-specific protein modification technology platform to enable the development of superior protein therapeutics. Using this technology, APC has generated numerous and diverse modifications of annexin proteins with superior binding and stability properties, which are amenable to further labeling and conjugation for use in therapeutic applications. APC is now vigorously applying its technologies to achieve the site-specific labeling of therapeutic antibodies and provide the next generation of antibody-drug conjugates.
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.
This communication contains certain forward-looking statements relating to the Company's business, which can be identified by the use of forward-looking terminology such as "estimates", "believes", "expects", "may", "will", "should", "future", "potential" or similar expressions or by a general discussion of the Company's strategies, plans or intentions. In particular, this news release contains forward-looking statements including, but not limited to, statements regarding the use of proceeds from the Rights Offering. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results of operations, financial position, earnings, achievements, or industry results, to be materially different from any future results, earnings or achievements expressed or implied by such forward-looking statements. Given these uncertainties, prospective investors and partners are cautioned not to place undue reliance on such forward-looking statements. We disclaim any obligation to update any such forward-looking statements to reflect future events or developments.Contacts: Advanced Proteome Therapeutics Corporation Dr. Randal D. Chase President and Chief Executive Officer 905-252-3629 Advanced Proteome Therapeutics Corporation Babak Pedram Investor Relations Virtus Advisory Group Inc. 416-644-5081 NEXT ARTICLE