TORONTO August 24 2017 – Microbix Biosystems Inc. (TSX: MBX), a developer and marketer of biological products and technologies, announces it has applied to the TSX to amend the terms of 1,500,000 common share purchase warrants (the “Warrants”) issued in connection with a non-brokered private placement and held by one of its independent directors.
The Warrants were issued in relation to a non-brokered private placement of units comprised of one common share and a common share purchase warrant, completed on August 21, 2014. Each Warrant currently entitles the holder to purchase one common share of Microbix at a price of $0.55 until August 21, 2019. Microbix has applied to the TSX to amend the exercise price of the Warrants to $0.32, and to extend their term to August 21, 2021. The five day volume-weighted average price of Microbix’ share is $0.28 as at the date of TSX application.
The Warrants were acquired by Mr. Joseph D. Renner in relation to his participation in the 2014 private placement. Mr. Renner, has been an independent member of Microbix’ board of directors since 2003 and, like Microbix’ other independent directors, has invested significant time in the course of executing his responsibilities: Notably, while he has participated in many directors’ meetings over the past 30 months, he has taken no cash or option compensation in that interval.
“The warrant repricing application announced today is intended to acknowledge Mr. Renner’s services to Microbix without increasing our fully-diluted share count.” said William J. Gastle, Executive Chairman, “We need to encourage the active participation of the board members who can help us accelerate the growth of Microbix while remaining responsible to our shareholders. We believe this application serves both those imperatives.”
Mr. Renner will not be permitted to exercise the Warrants under the amended terms unless and until disinterested shareholder approval is obtained, along with TSX approval. Disinterested shareholder approval will be sought at the next annual meeting of shareholders, anticipated to be held in early 2018.
The Toronto Stock Exchange (TSX) does not accept responsibility for the adequacy or accuracy of this release.
Microbix Biosystems Inc. specializes in the development of proprietary biological and technology solutions for human health and wellbeing. The Company manufactures a wide range of critical biological materials for the global diagnostics industry. The Company also applies its biological expertise and technology platforms to create other innovative products and technologies. Currently it is commercializing two such proprietary products, (1) Kinlytic® urokinase, a biologic thrombolytic drug used to treat blood clots, and (2) Lumisort™, a technology platform for ultra-rapid and efficient sorting of somatic cells that can be used to enrich cell populations of interest, such as in sexing semen. Established in 1988, Microbix is a publicly traded company, listed on the Toronto Stock Exchange and headquartered in Mississauga, Ontario, Canada.
This news release includes “forward-looking information,” as such term is defined in applicable securities laws. Forward-looking information includes, without limitation, the risks associated with its leadership and governance, financial results and stability, biologicals business, development projects such as those referenced herein, operations in foreign jurisdictions, engineering and construction generally, production (including control over costs, quality, quantity and timeliness of delivery of products), foreign currency and exchange rates, maintaining adequate working capital and raising further capital on acceptable terms or at all, and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and represent the Company’s judgement as of the date of this new release, and the Company is under no obligation to update or alter any forward-looking information.
For further information, please contact:
Deborah Honig, Investor Relations – Adelaide Capital Markets
(647) 203-8793 or firstname.lastname@example.org