/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
LAVAL, QC, ROCKVILLE, MD
and CAMBRIDGE, UK, July 2, 2019 /CNW Telbec/ - Prometic Life
Sciences Inc. (TSX: PLI) (OTCQX: PFSCF) ("Prometic" or
the "Corporation") is pleased to announce that the
consolidation of the Corporation's issued and outstanding common
shares ("Common Shares") on the basis of one (1)
post-consolidation Common Share for every one thousand (1000)
pre-consolidation Common Shares (the "Consolidation"),
approved at the special meeting of the common shareholders of the
Corporation held on June 19, 2019 (the "Meeting"), will
be effective on July 5, 2019 (the
"Effective Date"). The Corporation filed articles of
amendment on June 28, 2019 to effect
the Consolidation. The Common Shares are expected to commence
trading on the TSX on a post-consolidation basis at the open of
trading on July 5, 2019. The new
CUSIP number for the Corporation's Common Shares is 74342Q302 and
the new ISIN number is CA74342Q3026.
"As previously disclosed, we are completing this Consolidation
in anticipation of filing an application for trading of the
Corporation's Common Shares on NASDAQ," stated Kenneth Galbraith, Prometic's Chief Executive
Officer.
Assuming no other change in the issued capital of the
Corporation, it is expected that upon completion of the
Consolidation, the 23,313,233,245 Common Shares issued and
outstanding prior to the Consolidation will be reduced to
approximately 23,313,233 Common Shares after giving effect to
the Consolidation. The exact number of Common Shares outstanding
after the Consolidation will vary based on the elimination of
fractional shares. No fractional Common Shares will be issued upon
the Consolidation and all fractions of post-consolidation Common
Shares will be either bought by the Corporation or rounded up, as
detailed hereafter:
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(i)
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in the event that a
shareholder would be entitled to receive a fractional Common Share
after the Consolidation that is equivalent to less than 75% of a
whole post‑consolidation Common Share, the Corporation intends,
pursuant to the special resolution authorizing the board of
directors of the Corporation to give effect to the Consolidation
(the "Resolution"), for the Corporation to buy the fraction
and send payment to the holder (except for amounts of C$5 or less,
which shall be retained for the benefit of the Corporation). The
price to be paid for a fraction will be based on the average
closing price of the Common Shares on the TSX for the five trading
days immediately prior to the Effective Date and shall result in
payment for each whole pre-consolidation Common Share held prior to
the Consolidation (other than the pre-consolidation Common Shares
consolidated into post‑consolidation Common Shares) which together
constitute the fraction; or
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(ii)
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in the event that a
shareholder would be entitled to receive a fractional Common Share
after the Consolidation that is equivalent to 75% or more of a
whole post-consolidation Common Share, the Corporation intends,
pursuant to the Resolution, for the Corporation to round up to one
whole Common Share.
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Letters of transmittal will be mailed to the registered holders
of the Common Shares, requesting that they surrender their
certificates representing the currently outstanding Common Shares
to the Corporation's registrar and transfer agent, Computershare
Investor Services Inc., for exchange for new common share
certificates representing post-consolidation Common Shares.
Non-registered shareholders of the Corporation holding their
Common Shares through a bank, broker or other nominee should note
that such banks, brokers or other nominees may have different
procedures for processing the proposed Consolidation than those
that will be put in place by the Corporation for registered
shareholders. If you hold your Common Shares with such a bank,
broker or other nominee and if you have any questions in this
regard, you are encouraged to contact your nominee.
Further details of the Consolidation are contained in the
Management Information Circular of the Corporation dated
May 7, 2019, which is be available under Prometic's profile at
www.sedar.com. Readers should review these documents for the
specific terms and conditions of the Consolidation.
Indicative Timetable
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Mail Letters of
Transmittal to Registered Shareholders
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July 2,
2019
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Shares commence
trading on the TSX on a post-consolidation basis
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July 5,
2019
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Forward-Looking Statements
Certain information provided in this news release constitutes
forward-looking statements, including the intention of the
Corporation to complete the Consolidation and the amount of Common
Shares after giving effect to the Consolidation. The words
"anticipate", "expect", "project", "estimate", "forecast" and
similar expressions are intended to identify such forward-looking
statements. Although Prometic believes that these statements are
based on information and assumptions which are current, reasonable
and complete, these statements are necessarily subject to a variety
of known and unknown risks and uncertainties. You can find a
discussion of such risks and uncertainties in our Management
Information Circular, Annual Information Form and other securities
filings. While the Corporation makes these forward-looking
statements in good faith, should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary significantly from those
expected. Accordingly, no assurances can be given that any of the
events anticipated by the forward-looking statements will transpire
or occur, or if any of them do so, what benefits that the
Corporation will derive therefrom. All subsequent forward-looking
statements, whether written or oral, attributable to Prometic or
persons acting on its behalf are expressly qualified in their
entirety by these cautionary statements. The forward-looking
statements contained in this news release are made as at the date
of this news release and the Corporation does not undertake any
obligation to update publicly or to revise any of the
forward-looking statements made herein, whether as a result of new
information, future events or otherwise, except as may be required
by applicable securities law.
About Prometic
Prometic (www.prometic.com) is an innovative biopharmaceutical
corporation with a broad pipeline of small molecule therapeutics
under development to treat unmet needs in patients with liver,
respiratory and kidney disease, including rare diseases. Prometic's
differentiated research involves the study of two
G-protein-coupled-receptors, GPR40 and GPR84. These drug candidates
have a dual mode-of-action as agonists ("stimulators") of GPR40 and
antagonists ("inhibitors") of GPR84. Our lead drug candidate,
PBI‑4050, is expected to enter Phase 3 clinical studies for the
treatment of Alström Syndrome in 2019. A second drug candidate,
PBI-4547, is expected to enter Phase 1 clinical studies in 2019.
Prometic also has leveraged its experience in bioseparation
technologies to isolate and purify biopharmaceuticals from human
plasma. The lead plasma-derived therapeutic product is
RyplazimTM (plasminogen) which the Corporation expects
to file a BLA with the US FDA in 2019 seeking approval to treat
patients with congenital plasminogen deficiency. The Corporation
also operates a contract development and manufacturing operation in
the United Kingdom, deriving
revenue through sales of affinity chromatography media.
Prometic has active business operations in Canada, the United
States, the Isle of Man and
the United Kingdom.
SOURCE ProMetic Life Sciences Inc.