Phivida Holdings Inc. is pleased to announce that it has filed and obtained a receipt for its final long form prospectus dated November 21, 2017 from the securities regulatory authorities in British Columbia and Ontario.
The Prospectus qualifies Phivida’s Initial Public Offering and the distribution of a minimum of 1,250,000 units of Phivida and a maximum of 12,500,000 Units, at a price of $0.40 per Unit. Each Unit consists of one common share one-half of one Common Share purchase warrant. Each Warrant is exercisable at a price of $0.75 per Common Share for a period of 24 months from the closing date of the Offering.
The Units are being offered for sale by Canaccord Genuity Corp. as lead agent and sole bookrunner, together with Mackie Research Capital Corp. and Haywood Securities Inc. on a best efforts basis pursuant to an agency agreement among the Company and the Agents dated November 21, 2017. Phivida has granted the Agents an over-allotment option, exercisable for a period expiring 30 days from the closing of the Offering, for up to such number of additional Units as is equal to 15% of the Units sold pursuant to the Offering.
The Warrants are subject to an acceleration clause whereby if at any time after the Common Shares are listed on the Canadian Securities Exchange (“CSE”) the closing trading price of the Common Shares is greater than $1.00 for at least 20 consecutive trading days, Phivida shall have the right to accelerate the expiry date of the Warrants with a minimum of 20 days’ notice to shareholders, issued by way of press release.In connection with the Offering, Phivida has received conditional approval from the CSE for the listing of the Common Shares, subject to the completion of customary requirements of the CSE, including the receipt of all required final documentation. Once final approval is received, the Common Shares will commence trading under the symbol “VIDA”.
A copy of the Prospectus is available on SEDAR (www.sedar.com).
No securities regulatory authority has either approved or disapproved of the contents of this news release. The common shares have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person in the United States, absent registration or an applicable exemption from the registration requirements.
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