Sirona Biochem Announces Proposed Strategic Equity Investment

Date : 07/09/2019 @ 9:15PM
Source : PR Newswire (Canada)
Stock : Sirona Biochem Corp (SBM)
Quote : 0.36  0.04 (12.50%) @ 8:58PM
Sirona Biochem share price Chart

Sirona Biochem Announces Proposed Strategic Equity Investment

Sirona Biochem (TSXV:SBM)
Historical Stock Chart

2 Months : From Jun 2019 to Aug 2019

Click Here for more Sirona Biochem Charts.

Proceeds to be used for establishing Asia-based manufacturing for TFC-1067

VANCOUVER, July 9, 2019 /CNW/ - Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) ("Sirona") is pleased to announce it has arranged a non-brokered private placement for gross proceeds of $1,000,000. The private placement consists of 2,500,000 units, (the "Units") at a price of $0.40 per Unit.  Each Unit consists of one common share and one transferable share purchase warrant, each whole warrant exercisable into one additional common share of the Company for a period of 3 years from the date of issue at a price of $0.60 per share subject to an acceleration clause.

Sirona Biochem Corp. (CNW Group/Sirona Biochem Corp.)

The Company is proposing to pay a finder's fee to an agent or agents that assist in procuring the proceeds of the offering. Such Fee shall consist of a cash fee equal to no more than 8% of the total proceeds of the Private Placement placed by such finder and warrants up to 8% of the number of Units the finder sells in the Private Placement (the "Finder's Warrants"). The Finder's Warrants will be exercisable into one additional Share of the Company at a price of CAD$0.60 per Share for a period of 3 years from the closing date of the Private Placement.

Sirona Biochem is offering the strategic financing to diversify its shareholder base to include Asia-based investors who wish to establish an initial equity position in the company. The funds from this financing, in addition to general working capital, will be used to establish Asian-based manufacturing for TFC-1067.In addition, proceeds from the private placement will also be allocated to accelerate Sirona's anti-ageing and anti-wrinkle projects.

"We are excited about this financing, principally because it positions strategic investors that will strengthen ties to our expanding presence in Asia", reports Dr. Howard Verrico, CEO of Sirona Biochem. "Sirona now has a healthy balance sheet that will allow us to focus on continued growth of the company."

About Sirona Biochem Corp.

Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential.

Sirona's compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and ongoing royalty payments. Sirona's laboratory, TFChem, is located in France and is the recipient of multiple French national scientific awards and European Union and French government grants. For more information, please visit www.sironabiochem.com.

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

Sirona Biochem cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. Forward-looking statements are only predictions based upon current expectations and involve known and unknown risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of release of the relevant information, unless explicitly stated otherwise.  Actual results, performance or achievement could differ materially from those expressed in, or implied by, Sirona Biochem's forward-looking statements due to the risks and uncertainties inherent in Sirona Biochem's business including, without limitation, statements about: the progress and timing of its clinical trials; difficulties or delays in development, testing, obtaining regulatory approval, producing and marketing its products; unexpected adverse side effects or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization; the scope and validity of patent protection for its products; competition from other pharmaceutical or biotechnology companies; and its ability to obtain additional financing to support its operations. Sirona Biochem does not assume any obligation to update any forward-looking statements except as required by law.

SOURCE Sirona Biochem Corp.

Copyright 2019 Canada NewsWire

Latest TSXV:SBM Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts
Your Recent History
TSX
BCE
BCE Inc
TSX
IVN
Ivanhoe Mi..
FX
CADUSD
Canadian D..
USOTC
XUII
Xumanii In..
FX
EURCAD
Euro vs Ca..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:ca D:20190817 21:55:11