|By Marketwired .||
|August 29, 2014 05:44 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/29/14 -- biOasis Technologies Inc. (TSX VENTURE:BTI)(OTCQX:BIOAF) (the "Company") is please to announce it has closed its non-brokered private placement announced on August 8th, 2014. The Company has issued 1,694,447 units (each a "Unit"), including an over allotment of 94,477 Units, at a price of CDN$0.95 per unit, for gross proceeds of CDN$1,609,753.15. Each Unit consists of one common share and one full common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the Company at a price of CDN$1.20 per share for a period of twelve months up to and including August 29th, 2015, 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 $1.40 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. A cash finder's fees of CDN$101,460 was paid on a portion of the financing. All securities issued are subject to a hold period of four (4) months and one day and as such may not be traded until December 30th, 2014. The net proceeds from the sale of units have been added to working capital in furtherance of the Company's business.
The insider of the Company purchased a total of 30,530 Units under the private placement and their participation in the Private Placement constitutes a "related party transaction" as defined in Multilateral Instrument 61-101 ("MI 61-101"). The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transactions did not exceed 25% of the Company's market capitalization. The Company did not file a material change report more than 21 days before the expected closing of the Private Placement as the details of the participation therein by related parties of the Company were not settled until shortly prior to closing of the Private Placement and the Company wished to close on an expedited basis for sound business reasons.
"The company was extremely pleased with meeting its stated objectives pertaining to this financing," said Rob Hutchison CEO.
biOasis Technologies Inc. is a biopharmaceutical company headquartered in Vancouver, Canada. Based on Transcend, biOasis proprietary brain delivery platform, the company is focused on creating new drugs that can cross the BBB to address unmet medical needs in the treatment of brain diseases such as neurodegeneration, metastatic cancer and metabolic diseases. biOasis trades on the OTCQX under the symbol "BIOAF" and on the TSX Venture Exchange under the symbol "BTI". For more information about the company please visit www.bioasis.ca.
On Behalf of the Board of Directors
Rob Hutchison Chairman & CEO
"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"
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