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FastForward Innovations Limited
31 January 2020
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End
Investments
31 January 2020
FastForward Innovations Ltd
("FastForward", "FFWD" or the "Company")
Investee Company Update: Portage Announces Further Subscription
of US$950,000 in Convertible Loan Notes to iOx Therapeutics and
Provides Update on CTO Revocation Application
FastForward Innovations Ltd, the AIM quoted company focusing on
making investments in fast growing and industry leading businesses,
is pleased to note the following announcement released on 30
January 2020 concerning investee company Portage Biotech Inc.
("Portage"). FastForward has a 1.18% interest in the issued stock
of Portage. Based on yesterday's closing price on the US OTC of
US$0.12, where Portage's shares continue to trade, the Company's
interest in Portage is worth c.US$1,557,673.
As announced on 3 January 2020, Portage has been in the process
of filing an application with the Ontario Securities Commission
(the "OSC") to revoke an outstanding cease trade order issued on
August 2, 2019 (the "CTO"). The OSC has commenced their review of
the Revocation Application (filed on January 13, 2020) and issued
an initial set of comments. Portage is currently preparing a
response which is expected to be submitted shortly.
The announcement is set out below without material changes or
adjustments.
Portage Biotech Inc.
('Portage' or the 'Group')
Portage Announces Further Subscription of US$950,000 in
Convertible Loan Notes to iOx Therapeutics and Provides Update on
CTO Revocation Application
Toronto, Ontario, January 30, 2020 - Portage Biotech Inc.
(PBT.U, OTC Markets: PTGEF) ("Portage" or the "Company") is pleased
to announce that it has increased its subscription to iOx's
convertible loan to $2.9M USD, (previous subscriptions totalled
$1.9M on December 8th, 2018).
iOx Therapeutics, Ltd. ("iOx") is a United Kingdom-based
immuno-oncology company. Portage will invest $950,000 by
subscribing to an unsecured, convertible loan instrument. iOx will
use the proceeds to enable the start of human studies this year.
The notes carry a 7% interest rate and will price at a discount to
the next round of financing into iOx. The terms of the notes differ
from those announced previously as these carry two year warrants to
purchase additional shares at the same price as the next financing.
All three convertible notes currently held by Portage have been
extended.
Greg Bailey, Chairman of Portage, remarked, "We are looking
forward to iOx achieving a major milestone and begin to collect
safety data in cancer patients. This bridge financing will support
the iOx team to advance this asset as well as to continue to
support the PRECIOUS consortium in Europe who has received Horizon
2020 funding to advance its second drug candidate into the
clinic."
Related Party Transaction
The transaction is a related party transaction within the
meaning of Multilateral Instrument 61- 101 Protection of Minority
Shareholders in Special Transactions ("MI 61-101") as Portage's
CEO, Dr. Ian B. Walters serves as iOx's CEO and Dr. Declan Doogan,
a director of Portage, is iOx's chairman. The transaction, however,
is exempt from both formal valuation and minority shareholder
approval requirements under MI 61-101. The Company has relied on
exemptions from the formal valuation and minority shareholder
approval requirements of MI 61-101 contained in sections 5.5(a),
5.5(b) and 5.7(1)(a) of MI 61-101 in respect of related party
participation in this transaction as neither the fair market value
(as determined under MI 61-101) of the subject matter of, nor the
fair market value of the consideration for, the transaction,
insofar as it involved the related parties, exceeded 25% of the
Company's market capitalization (as determined under MI
61-101).
Corporate Update
The Company is also providing an update on the status of its
application (the "Revocation Application") to the Ontario
Securities Commission (the "OSC") to revoke an outstanding cease
trade order issued on August 2, 2019 (the "CTO").
The OSC has commenced their review of the Revocation Application
(filed on January 13, 2020) and issued an initial set of comments.
The Company is currently preparing a response which is expected to
be submitted shortly. As the relief being sought is discretionary,
no estimate can be provided as to when a revocation order may be
issued by the OSC. The Company, though, would like to take this
opportunity to thank its shareholders for their continued patience.
It is the Company's every intention to complete the OSC's review
process in a timely manner.
Forward-Looking Statements
This news release contains statements about the Company's
information that are forward- looking in nature and, as a result,
are subject to certain risks and uncertainties. Although the
Company believes that the expectations reflected in these
forward-looking statements are reasonable, undue reliance should
not be placed on them as actual results may differ materially from
the forward-looking statements. The forward-looking statements
contained in this news release are made as of the date hereof, and
the Company undertakes no obligation to update publicly or revise
any forward-looking statements or information, except as required
by law.
Neither the Canadian Securities Exchange nor its Market
Regulator (as that term is defined in the policies of the Canadian
Securities Exchange) accepts responsibility for the adequacy or
accuracy of this release. We seek Safe Harbor.
For more information please visit: www.portagebiotech.com
*** ENDS***
Miscellaneous
Cautionary Statement
The AIM Market of London Stock Exchange plc does not accept
responsibility for the adequacy or accuracy of this release. No
stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein. All
statements, other than statements of historical fact, in this news
release are forward-looking statements that involve various risks
and uncertainties, including, without limitation, statements
regarding potential values, the future plans and objectives of
FastForward Innovations Ltd. There can be no assurance that such
statements will prove to be accurate, achievable or recognizable in
the near term.
Actual results and future events could differ materially from
those anticipated in such statements. These and all subsequent
written and oral forward-looking statements are based on the
estimates and opinions of management on the dates they are made and
are expressly qualified in their entirety by this notice.
FastForward Innovations assumes no obligation to update
forward-looking statements should circumstances or management's
estimates or opinions change.
ENDS
For further information on the Company please visit
www.fstfwd.co or contact:
Ed McDermott / Lance FastForward Innovations Email: info@fstfwd.co
de Jersey Ltd
James Biddle / Roland Beaumont Cornish Tel: +44 (0) 207
Cornish Limited, 628 3396
Nomad
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Graham Dickson Optiva Securities Tel: +44 (0) 203
Limited, 411 1881
Broker
------------------------ ----------------------
Isabel De Salis / Beth St Brides Partners Tel: +44 (0)207
Melluish Ltd, 236 1177
Financial PR
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This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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