Vancouver, British Columbia / March 5, 2018 – Advanced Proteome Therapeutics Corporation (“APC” or the “Company”) (TSXV: APC) (FSE: 0E8) is pleased to announce that, due to high demand, it has closed the first tranche of its over-subscribed private placement (the “Private Placement”) raising gross proceeds of $824,000 by the issuance of 10,300,000 units (the “Units”) at a price of $0.08 per Unit.
Each Unit consists of one common share and one transferable common share purchase warrant of the Company, with each warrant exercisable for a period of 4 years from the date of closing at a price of CAD$0.10 per share.
The Company paid finder’s fees in the amount of 8% cash and 8% warrants to Mackie Research Capital Corp. and Haywood Securities Inc. Each finder’s warrant is non-transferable and exercisable for a period of 4 years from the date of closing at a price of CAD$0.10 per share. All securities issued in connection with the Private Placement are subject to a 4‑month hold period in Canada.
The gross proceeds of the Private Placement will be used as follows:
|Description:||Use of Proceeds|
|Research on the Company’s site-selective technology for the development of antibody-drug conjugates in its industrial partnerships:||$502,640|
|General working capital:||$321,360|
The Company confirms that there is no material fact or material change about the Company that has not already been generally disclosed.
“We are very pleased to announce an oversubscribed placement due to investor demand in our financing and thank them for their support. With financing now in place, we look forward to creating long term shareholder value from the ongoing development of new partnerships within the global biotechnology community. For the remainder of 2018, we expect to further validate our linker technology and showcase to the world that we are a leader in our field,” said Randal Chase, CEO of the Company.
ABOUT THE COMPANY:
Advanced Proteome Therapeutics Corporation is developing a proprietary technology to directly target cancerous tumors and avoid destroying normal cells. This type of agent is capable of greater potency, higher specificity and lower toxicity than other therapies that can also attack healthy cells. The Company is working to streamline the process by which these agents are prepared, which to date, has been extremely cumbersome, limiting their potential.
FOR FURTHER INFORMATION PLEASE CONTACT:
Advanced Proteome Therapeutics Corporation
Dr. Randal D. Chase
President and Chief Executive Officer
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.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.
This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.