Khiron Life Sciences Announces Acceleration of Expiry Date of Warrants
TORONTO, Oct. 25, 2018 /CNW/ - Khiron Life Sciences Corp. ("Khiron" or the "Company") (TSXV: KHRN, OTCQB: KHRNF, Frankfurt: A2JMZC), a Canadian integrated medical cannabis company with its core operations in Colombia, is pleased to announce that the Company has elected to exercise its right under the warrant indenture (the "Indenture") governing the common share purchase warrants of the Company (the "Warrants") issued on January 12, 2018. Pursuant to the terms of the Indenture, the Company may accelerate the expiry date of the Warrants when the closing price of the common shares of the Company (the "Common Shares") on the TSX Venture Exchange exceeds $1.40 for a period of 10 consecutive trading days in any 30 trading day period (the "Acceleration Event").
Khiron is pleased to confirm that an Acceleration Event occurred as of October 3, 2018. Accordingly, the Company has chosen to accelerate the expiry time of the Warrants to 5:00 p.m. (Toronto time) on November 14, 2018. Any Warrants remaining unexercised after the new expiry date will be cancelled.
As of close of market on October 24, 2018, a total of 8,520,635 Warrants of the 12,135,000 originally issued Warrants had yet to be exercised. Each whole Warrant is exercisable to acquire one Common Share of the Company at an exercise price of $1.20. Consequently, if all remaining unexercised Warrants are exercised, proceeds to the Company will total $10,224,762, which combined with already-exercised Warrants, will result in gross proceeds of $14,562,000.
About Khiron Life Sciences Corp.
Khiron is positioned to be dominant leading integrated medical cannabis company in Latin America. The Company has core operations in Colombia and is fully licensed in the country for the cultivation, production, domestic distribution, and international export of both tetrahydrocannabinol (THC) and cannabidiol (CBD) medical cannabis. In May 2018, Khiron listed on the TSX Venture Exchange, becoming the first Colombian based medical cannabis company to trade on any exchange globally.
With a focused regional strategy and patient oriented approach, the Company combines global scientific expertise, agricultural advantages, branded product market entrance experience and education to drive prescription and brand loyalty to address priority medical conditions such as chronic pain, epilepsy, depression and anxiety in the Latin American market of over 620 million people. Khiron is led by Co-founder and Chief Executive Officer, Alvaro Torres, together with an experienced executive team, and a knowledgeable Board of Directors that includes former President of Mexico, Vicente Fox.
This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements.
Neither the TSX Venture Exchange Inc. ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE Khiron Life Sciences Corp.
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Released October 25, 2018