Stem Cell Therapeutics Corp. Announces Early Exercise Warrant Incentive Program
July 02 2009 - 5:59PM
Marketwired
Stem Cell Therapeutics Corp. ("SCT" or the "Company") (TSX VENTURE:
SSS) is pleased to announce an early warrant exercise incentive
program (the "Program") designed to encourage the early exercise of
up to 17,250,000 outstanding share purchase warrants (the
"Warrants") for gross proceeds of up to $2,760,000. The Program
will be open for a 30 day period which is anticipated to commence
on July 8, 2009, and end on August 7, 2009 (the "Early Warrant
Exercise Period"), subject to the approval of the TSX Venture
Exchange ("TSXV"). Holders of Warrants may exercise their Warrants
at a discounted price of $0.16 per Warrant during the Early Warrant
Exercise Period. Prior to and following the early Warrant Exercise
Period, the outstanding Warrants are exercisable to acquire common
shares of the Company at a price of $0.50 per share.
Dr. Alan Moore, President & CEO, commented as follows:
"We believe the Program offers our warrantholders and
shareholders a win-win opportunity. The Program will provide SCT
with additional low-cost capital to reach and potentially
accelerate our clinical and R&D milestones without increasing
overall dilution to shareholders."
The Warrants were originally issued as part of a bought deal
financing completed on November 9, 2007, have an exercise price of
$0.50 per Warrant and expire on May 9, 2010.
The terms and conditions of the Program and the method of
exercising Warrants pursuant to the Program will be set forth in a
formal Notice, which will be mailed to the registered address of
each warrantholder and posted on SEDAR once the Program is approved
by the TSXV. The TSXV has indicated that its approval will, in
part, be contingent on no registered holders of outstanding
Warrants objecting to the Program within three days of the date of
this news release. Accordingly, any registered holders of Warrants
who have any questions or concerns with respect to the Program are
asked to contact Chloe Douglas-Crampton, Corporate Secretary of the
Company, at 403-245-5495, extension 221.
About Stem Cell Therapeutics Corp.: Stem Cell Therapeutics Corp.
is a Canadian public biotechnology company (TSX VENUTRE: SSS)
focused on the development and commercialization of drug-based
therapies to treat central nervous system diseases. SCT is a leader
in the development of therapies that utilize drugs to stimulate a
patient's own resident stem cells. The Company's programs aim to
repair brain and nerve function lost due to disease or injury. The
Company's extensive patent portfolio of owned and licensed
intellectual property supports the potential expansion into future
clinical programs in numerous neurological diseases such as
traumatic brain injury, multiple sclerosis, Huntington's disease,
Alzheimer's disease, and ALS.
These securities have not been registered under the United
States Securities Act of 1933, as amended, or the securities laws
of any state, and may not be offered or sold within the United
States or to, or for the account or benefit of U.S. persons unless
an applicable exemption from U.S. registration requirements is
available.
Except for historical information, this press release may
contain forward-looking statements, which reflect the Company's
current expectation regarding future events. These forward-looking
statements involve risk and uncertainties, which may cause but are
not limited to, changing market conditions, the successful and
timely completion of clinical studies, the establishment of
corporate alliances, the impact of competitive products and
pricing, new product development, uncertainties related to the
regulatory approval process and other risks detailed from time to
time in the Company's ongoing quarterly and annual reporting.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Stem Cell Therapeutics Corp Alan Moore, PhD President
and CEO (403) 245-5495 ext.224 Email: amoore@stemcellthera.com Stem
Cell Therapeutics Corp Chloe Douglas-Crampton Investor Relations
(403) 245-5495 ext. 221 Email: crampton@stemcellthera.com Website:
www.stemcellthera.com
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