LONDON, ONTARIO--(Marketwired - June 29, 2016) -
This document corrects and replaces the press release that was sent today at 06:15 ET.
Sernova Corp. ("Sernova" or the "Company") (TSX VENTURE:SVA)(OTCQB:SEOVF)(FRANKFURT:PSH) is pleased to announce that it is increasing its non-brokered private placement to $4,200,000, equal to 16,800,000 units (the "Units") at $0.25 per Unit, to accommodate additional over-subscriptions (see our news releases dated June 27, 2016 and June 21, 2016 for further information about the private placement).
Sernova issued 8,000,000 Units for $2,000,000 in the first closing on June 27, 2016 and expects to close the balance of the private placement, being 8,800,000 Units for $2,200,000, in a second and final closing on June 30, 2016.
Each Unit consists of one common share and one common share purchase warrant, with each warrant exercisable into one share at a price of $0.35 per share for a 24 month exercise period, subject to abridgement of the exercise period (after the expiry of the 4 month hold period) on 30 days notice to holders in the event that the twenty-day volume weighted price of the shares exceeds $0.50.
Completion of the private placement is subject to the receipt of the approval of the TSX Venture Exchange. All securities issued in connection with the private placement will be subject to a statutory hold period of four months. The Company expects to compensate finders on a portion of the increased private placement consisting of 7% in cash and 7% in finder warrants, or a combination thereof.
This news release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933 or any state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act of 1933 and all applicable state securities laws, or an applicable exemption from registration requirements.
Sernova Corp. is a clinical stage regenerative medicine Company developing medical technologies for the treatment of chronic debilitating metabolic diseases such as diabetes, blood disorders including hemophilia, and other diseases treated through replacement of proteins or hormones missing or in short supply within the body. Sernova is developing the Cell Pouch System™, an implantable medical device and therapeutic cells (donor, xenogeneic or stem cell derived therapeutic cells), which then release proteins and/or hormones as required.
Forward Looking Information
This release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Sernova believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements, which include our beliefs about the functionality of the Cell Pouch System™ and our cell technologies, are based on the beliefs, estimates and opinions of Sernova's management on the date such statements were made. Sernova expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.