VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 10, 2017) - Advanced Proteome Therapeutics Corporation ("APC" or the "Company") (TSX VENTURE:APC)(FRANKFURT:0E8) announces that it has entered into loan agreements with three lenders for loans in the aggregate amount of $250,000 (the "Loans"). The Loans bear interest at an annual rate of 12% and will be repayable in full on April 7, 2018. In addition, the Company may prepay all or a portion of the Loans in advance at any time without penalty.
In consideration for the Loans and subject to TSX Venture Exchange's approval, the Company will issue in favour of the lenders, an aggregate of 4,166,665 common share purchase warrants (the "Warrants"). Each Warrant will entitle its holder thereof to purchase one common share of the Company at an exercise price of $0.06 per share and will expire at 5:00 p.m. (Pacific time) on April 7, 2018, being the first anniversary of their issuance.
The Corporation intends to use the Loans for working capital and general corporate purposes.
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.
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.
This communication contains certain forward-looking statements relating to the Company's business, which can be identified by the use of forward-looking terminology such as "estimates", "believes", "expects", "may", "will", "should", "future", "potential" or similar expressions or by a general discussion of the Company's strategies, plans or intentions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results of operations, financial position, earnings, achievements, or industry results, to be materially different from any future results, earnings or achievements expressed or implied by such forward-looking statements. Given these uncertainties, prospective investors and partners are cautioned not to place undue reliance on such forward-looking statements. We disclaim any obligation to update any such forward-looking statements to reflect future events or developments.