VANCOUVER, BC – January 25, 2017 – Advanced Proteome Therapeutics Corporation (“APC” or the “Company”) (TSX VENTURE: APC) (Frankfurt: 0E8) is pleased to announce that it has closed the third tranche of a non-brokered private placement (the “Private Placement”) announced October 25, 2016 by the issuance of 252,000 units (“Units”) at a purchase price of $0.05 per Unit for gross proceeds of $12,600. Each Unit consists of one common share in the capital of the Company and one non-transferable share purchase warrant, each warrant entitling the holder to purchase one additional common share in the capital of the Company at a purchase price of $0.10 per share on or before January 23, 2018.
All securities issued by the Company pursuant to the third tranche of the Private Placement are subject to a hold period of four months and one day which expires on May 24, 2017. No finder’s fees were paid.
Paul Woodward, a director and officer of 1090573 B.C. Ltd., the Company’s subsidiary, was the sole subscriber, through his wholly owned company, 0947334 B.C. Ltd. The participation of the Company’s director in the Private Placement constitutes a “related party transaction” pursuant to Multilateral Instrument 61-101 (“MI 61-101”). However, the Private Placement is exempt from the formal valuation requirement and the minority shareholder approval requirement found in MI 61-101 on the basis that neither the fair market value of the Units nor the consideration paid by such director for Units exceeds 25% of the market capitalization of the Company.
Net proceeds of the Private Placement will be used to support the application of the Company’s site-selective technology for the development of antibody-drug conjugates in its industrial partnerships and academic collaborations with world-class institutions devoted to antibody technology.
The Private Placement is subject to final approval by the TSX Venture Exchange.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Advanced Proteome Therapeutics Corporation
Alexander (Allen) Krantz
President and Chief Executive Officer
Advanced Proteome Therapeutics Corporation
Virtus Advisory Group Inc.
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.
Forward Looking Information
This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance of the Company, are forward-looking statements.
Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this news release relate to, among other things, statements with respect to the Private Placement and the number of and price of Units to be issued and the use of proceeds of the Private Placement. There can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by management of the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and management of the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability of the Company to find suitable investors, receive final regulatory approval for the Private Placement, including the approval of the TSX Venture Exchange.
Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, APC does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.