BioNxt Solutions Announces Closing of Final Tranche of Non-Brokered Private Placement
Summary
The total placement size, cumulative of all tranches, is 2,920,000 Units for aggregate gross proceeds of $1,168,000 (the "Offering").The Company intends to use the net proceeds from the Offering, including the Final Tranche, to fund activities related to drug development and commercialization programs, and general working capital purposes.In connection with closing of the Final Tranche, the Company paid cash finders fees in the amount of $23,040 to an eligible finder, and issued to the same finder 57,600 non-transferable Share purchase warrants (the "Finders Warrants"), with each Finders Warrant exercisable into a Share for a period of 24 months from the date of issuance at a price of $0.67 per Share.All securities issued in connection with closing of the Offering, including those issued in the Final Tranche, are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities.BioNxt Solutions Inc. is a bioscience accelerator focused on nextgeneration drug formulations and delivery systems, diagnostic screening tests, and new active pharmaceutical production and evaluation, including: precision transdermal and oral dissolvable drug formulations; rapid, lowcost infectious disease and oral health screening tests; and standardization and clinical evaluation of emerging active pharmaceutical ingredients for neurological applications. The Company has research and development operations in North America and Europe, with an operational focus in Germany, and is currently focused on regulatory approval and commercialization of medical products for European marketsThis news release includes certain statements that may be deemed "forward-looking statements". Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that managements beliefs, estimates or opinions, or other factors, should change.