pcNewsWire – Sirona Biochem Corp. (TSX-V: SBM; FSE/Xetra: ZSB) has closed the non-brokered private placement of convertible notes for gross proceeds of $587,000.
News Release
Sirona Biochem Closes Convertible Note Financing
Vancouver, British Columbia – June 5, 2017 – Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (Xetra: ZSB) is pleased to announce that it has closed the non-brokered private placement (the “Private Placement”) of convertible notes (“Notes”). The financing was oversubscribed, resulting in gross proceeds of $587,000. Each Note is convertible at the option of the holder into one common share of the company at a conversion price of $0.18 per share.
The Notes will mature in 18 months from the date of issuance and bear interest at the rate of 12% per annum, payable quarterly, until the Notes are converted or repaid. The company will be entitled to repay the principal amount of the Notes, together with accrued and unpaid interest, at any time commencing four months after the date of issuance, subject to giving the holders prior notice thereof to permit holders to convert during the notice period.
All securities issued in connection with the private placement will be subject to a statutory hold period expiring on October 5, 2017.
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential.
Sirona’s compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and ongoing royalty payments. Sirona’s laboratory, TFChem, is located in France and is the recipient of multiple French national scientific awards and European Union and French government grants. For more information, please visit www.sironabiochem.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information regarding this press release, please contact:
Christopher Hopton, CFO Sirona Biochem Corp. Phone: 1.604.282.6064 Email: chopton@sironabiochem.com
SOURCE: Sirona Biochem Corp.
