VANCOUVER, British Columbia, Feb. 23, 2018 (GLOBE NEWSWIRE) — Pascal Biosciences Inc. (TSX.V:PAS) (“Pascal” or the “Company”) arranges a non-brokered private placement of up to 12,500,000 units (each a “Unit”) at a price of $0.40 per Unit for gross proceeds of up to $5,000,000. Each Unit will consist of one common share and one common share purchase warrant (each a “Warrant”). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.60 per share for a period of 12 months from the date of closing, subject to an exercise acceleration clause. Under the exercise acceleration clause, which the Company may exercise once the Units are free of resale restrictions and if the Company’s shares are trading at or above a volume weighted average price of $0.80 for 10 consecutive trading days, the Warrants will expire upon 30 days from the date the Company provides notice in writing to the Warrant holders via a news release.
The proceeds from the sale of Units will be added to working capital in furtherance of the Company’s business. The securities to be issued under the placement will be subject to a four-month hold period and the private placement is subject to the acceptance of the TSX Venture Exchange.
ABOUT PASCAL BIOSCIENCES INC.
Pascal Biosciences, Inc. is a drug discovery and development company focused on harnessing the body’s immune system to fight cancer. The Company’s three significant technologies are:
- Utilizing proprietary screening systems for identifying novel compounds that are able to restore immune recognition and killing of cancer cells;
- Exploiting the regulation of specific calcium channels expressed by cells of the immune system. By regulating these calcium channels, immune activity can be controlled to combat cancers, infections and autoimmune diseases; and
- Developing a therapeutic monoclonal antibody for B-cell precursor acute lymphoblastic leukemia, the most common childhood leukemia, in collaboration with the University of New Mexico.
To learn more, visit: https://www.pascalbiosciences.com/.
On Behalf of the Board of Directors
Dr. Patrick W. Gray, President & CEO
Dr. Patrick Gray
This news release may contain forward-looking statements that are based on the Company’s expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
“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.”
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES