Each Unit consists of one common share of the Company (a “Share”) and one share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder to purchase one Share at a price of $0.50 per Share for 24 months from the date of closing, subject to the option of the Company, in the event that the closing price of Shares on the TSX Venture Exchange (the “TSXV”) equals or exceeds $0.90 per Share for 10 consecutive days, to accelerate the expiry of the Warrants to 30 days after acceleration notice (the “Acceleration Option”).
In connection with the Offering, the Company paid to eligible institutional finders a commission consisting of a cash payment of $62,770.05 and the issuance to the finders of 179,343 finders’ warrants exercisable into Shares at $0.35 per finders’ warrant for a period of 24 months following closing of the Offering, subject to the Acceleration Option.
The proceeds of the Offering will be used for general corporate purposes.
The Offering is subject to the approval of the TSXV. Shares and Warrants issued pursuant to the Offering will be subject to a hold period of four months and one day from the date of closing.
About Delivra Corp.
Delivra Corp. is a specialty biotechnology company having developed a proprietary transdermal delivery system platform that can shuttle pharmaceutical and natural molecules through the skin, in a targeted manner. Delivra manufactures and sells a growing line of natural topical creams with the proprietary transdermal delivery system platform under the LivReliefTM brand, for conditions such as joint and muscle pain, nerve pain, varicose veins, wound healing, and under the LivSportTM brand for sports performance. LivReliefTM products are available in pharmacies, grocery chains, and independent health food stores across Canada, including, but not limited to, Shoppers Drug Mart, Walmart, Loblaw, Rexall, Pharmasave, London Drugs, and on-line at www.livrelief.com. In parallel with its consumer products business, Delivra also has a mandate to license its patent-pending, proprietary transdermal delivery technology platform to pharmaceutical companies globally, for the repurposing of pharmaceutical molecules transdermally to treat a broad range of conditions, along with licensing its over-the-counter products globally. Delivra is headquartered in Hamilton, Ontario and has a research and development laboratory in Charlottetown, PEI.
For more information, please contact:
Dr. Joseph Gabriele
Chief Executive Officer
416-238-1414 x 233
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute “forward-looking statements”, which are not comprised of historical facts. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “intends”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”, and similar expressions. Specifically, forward-looking statements in this news release include, without limitation, statements regarding: the research to be completed by Delivra for a suite of medical marijuana based products; the Company’s drug research and development plans in general; the timing of operations; and estimates of market conditions. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events, performance, or achievements of Delivra to differ materially from those anticipated or implied in such forward- looking statements. The Company believes that the expectations reflected in these forward-looking statements are reasonable, but there can be no assurance that actual results will meet management’s expectations. In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting Delivra will continue substantially in the ordinary course and will be favourable to Delivra, that clinical testing results will justify commercialization of the Company’s drug candidates; that Delivra will be able to obtain all requisite regulatory approvals to commercialize its drug candidates, that such approvals will be received on a timely basis, and that Delivra will be able to find suitable partners for development and commercialization of its drug repurposing candidates on favourable terms. Although these assumptions were considered reasonable by management at the time of preparation, they may prove to be incorrect. Factors that may cause actual results to differ materially from those anticipated by these forward-looking statements include: unsuccessful outcomes in research for a suite of medical cannabis based products; uncertainties associated with obtaining regulatory approval to perform clinical trials and market products; the need to establish additional corporate collaborations, distribution or licensing arrangements; the ability of the Company to generate sales and profits; the Company’s ability to raise additional capital if and when necessary; intellectual property disputes; increased competition from pharmaceutical and biotechnology companies; changes in equity markets, inflation, and changes in exchange rates; and other factors as described in detail in Delivra’s public filings, all of which may be viewed on SEDAR (www.sedar.com). Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements and information, which are qualified in their entirety by this cautionary statement. Except as required by law, Delivra disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.