/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR DISSEMINATION IN THE UNITED
STATES/
TORONTO, May 6, 2019 /CNW/ - Khiron Life
Sciences Corp. ("Khiron" or the "Company") (TSXV:
KHRN), (OTCQB: KHRNF), (Frankfurt:
A2JMZC), a medical cannabis company with core operations in
Latin America, announced today
that it has entered into an agreement with Canaccord Genuity Corp.
and BMO Capital Markets as co-lead underwriters and joint
bookrunners, on behalf of a syndicate of underwriters (together,
the "Underwriters"), pursuant to which the Underwriters have
agreed to purchase, 8,621,000 common shares of the Company
("Common Shares"), on a "bought deal" basis pursuant to a
short form prospectus offering, subject to all required regulatory
approvals, at a price per Common Share of $3.00 (the "Issue Price") for gross
proceeds of $25,000,900 (the
"Offering").
The Company has also granted the Underwriters an over-allotment
option (the "Over-Allotment Option") to purchase up to an
additional 15% of the Common Shares at the Issue Price at any time
on or prior to the date that is 30 days following the closing of
the Offering. If this option is exercised in full, the Company will
receive an additional $3,750,135 in
gross proceeds for total aggregate gross proceeds of $28,751,035.
The Company intends to use the net proceeds of the Offering to
expand the Company's operating capacity and for working capital
requirements and other general corporate purposes.
In connection with the Offering the Company has agreed to pay
the Underwriters a cash commission equal to 6.0% of the gross
proceeds raised from the Offering (including on any exercise of the
Over-Allotment Option), and non-transferable compensation options
equal to 6.0% of the Common Shares sold under the Offering. Each
compensation option will be exercisable at the Issue Price to
acquire one Common Share for a period of 24 months following
the closing of the Offering.
The closing date of the Offering is scheduled to be on or about
May 28, 2019 and is subject to
certain conditions including, but not limited to, the receipt of
all necessary approvals, including the approval of the TSX Venture
Exchange ("TSXV") and the applicable securities regulatory
authorities.
The common shares subject to the Offering have not been and
will not be registered under the U.S. Securities Act of 1933, as
amended, (the "U.S. Securities Act") and may not be offered
or sold in the United States
absent registration under or an applicable exemption from the
registration requirements of the U.S. Securities Act. This press
release does not constitute an offer to sell or the solicitation of
an offer to buy the shares herein described, and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of that
jurisdiction.
About Khiron Life Sciences Corp.
Khiron Life Sciences Corp is positioned to be the dominant
integrated cannabis company in Latin
America. Khiron has core operations in Latin America and is fully licensed in the
country for the cultivation, production, domestic distribution, and
international export of both THC tetrahydrocannabinol (THC) and
cannabidiol (CBD) medical cannabis. In May
2018, Khiron listed on the TSXV, 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. The Company 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.
Further information on Khiron can be found
at https://investors.khiron.ca/
To be added to the distribution list, please
email khiron@kcsa.com with "Khiron" in the subject
line.
Forward-Looking Information
This press release contains forward-looking information based on
current expectations. These statements should not be read as
guarantees of future performance or results. Such statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results, performance or achievements to be
materially different from those implied by such statements.
Although such statements are based on management's reasonable
assumptions, Khiron assumes no responsibility to update or revise
forward-looking information to reflect new events or circumstances
unless required by law. Although the Company believes that the
expectations and assumptions on which the forward-looking
statements are based, including those regarding the Offering, the
intended use of proceeds and the receipt of requisite TSXV and
securities regulatory approvals, are reasonable, undue reliance
should not be placed on the forward-looking statements because the
Company can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. These statements speak only as of the date of this
press release. Actual results could differ materially from those
currently anticipated due to a number of factors and risks
including various risk factors discussed in the Company's
disclosure documents, which can be found under the Company's
profile on www.sedar.com. This press release contains
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E the
Securities Exchange Act of 1934, as amended and such forward
looking statements are made pursuant to the safe harbour provisions
of the Private Securities Litigation Reform Act of 1995.
Neither the 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.