biOasis Announces Oversubscription of Financing

Tailwinds’ Take: This is THE catalyst we have been expecting from biOasis. While it took a long time to get this deal done, I fully believe that the Company is now well positioned to bring its unique Transcend platform into human testing in a Phase Zero study almost immediately. With milestone payments from existing partnerships starting soon, biOasis is fully funded with significant catalysts coming over the rest of 2017. Very exciting news indeed.

BIOASIS TECHNOLOGIES INC. (OTCQB: BIOAF) (TSX VENTURE: BTI) (the “Company”) is pleased to announce that further to its press release dated March 20, 2017, the Company’s non-brokered private placement (the “Private Placement”), is currently over-subscribed. As a result, subject to regulatory approval, the size of the Private Placement has been increased from up to $3,150,000 to up to $4,100,000. The overall size of the Private Placement will be increased to up to 5,857,142 units (“Units”).

Terms of the Private Placement have not changed: The Units remain priced at $0.70 per Unit, with each Unit consisting of one common share and one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company at a price of $1.00 per share for a period of twenty-four 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 $1.50 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 securities to be issued under the Private Placement will be subject to a four-month hold period from the date of closing. The Private Placement remains subject to the acceptance of the TSX Venture Exchange. A finder’s fee of up to 8% of the proceeds from the sale of Units may be paid in cash in connection with the Private Placement.

“The support from existing shareholders and some new parties was tremendous. This additional capital will assist in enabling us to introduce another internal program into development. I’d like to take this opportunity to say thank you to those existing shareholders whom chose to participate in this placement and welcome to those soon to be shareholders,” commented Rob Hutchison, CEO.

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