TORONTO, Sept. 22, 2022 (GLOBE NEWSWIRE) — Theralase® Technologies Inc. (“theralase®” or the “company“) TLT TLTFFa clinical-stage pharmaceutical company focused on the discovery and development of light-activated photodynamic compounds (“PDC’s“) and related drug formulations used to safely and effectively destroy various cancers, bacteria and viruses, is pleased to announce that it has completed a non-brokered private placement offering (“offer“) of units (“unitsAt closing, the Company issued a total of 10,000,000 units at a price of $0.25 per unit for total gross proceeds of approximately $2,500,000.
Each unit consisted of one common share of the company (“common share“) and a warrant to purchase one common share (“warranty“). Each Warrant entitles the holder to purchase one additional common share at an exercise price of $0.35 per share for a period of 24 months from the date of issuance.
In connection with the Offering, the Company paid a finder’s fee of $10,167 in cash and 76,800 common shares at a price of $0.25 per common share and issued 58,734 finder’s warrants. Each finder’s warrant is exercisable into one common share at an exercise price of $0.35 per share for a period of 24 months after the closing of the offering.
The Company intends to use the proceeds from the Offering to:
- Good Laboratory Practice (“GLP“) Toxicological study of intravenous administration of Rutherrin for the treatment of non-small lung cancer (“NSCLC“) and glioblastoma multiforme (“GBM“)
- Advances in non-muscle-invasive phase II bladder cancer (“NMIBC“) clinical study
- Working capital and general corporate purposes
The securities referred to in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act“) or applicable securities laws of any state of the United States and may not be offered or sold within the United States or to or for the ….
