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DOSE Rapid Dose Therapeutics Corporation

0.22
-0.01 (-4.35%)
20 Dec 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Rapid Dose Therapeutics Corporation CSE:DOSE CSE Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.01 -4.35% 0.22 0.215 0.23 0.22 0.21 0.22 61,769 19:49:37

Rapid Dose Therapeutics Announces Investment Agreement With Institutional Investor

05/03/2020 1:00pm

GlobeNewswire Inc.


Rapid Dose Therapeutics (CSE:DOSE)
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Rapid Dose Therapeutics Corp. (CSE: DOSE) (“RDT” or the “Corporation”) today announced that it has entered into an agreement for a drawdown equity financing facility (the “Investment Agreement”) with a single institutional investor. Subject to its terms and conditions and at the Company’s option, the Investment Agreement would provide RDT with up to C$10.0 million over a 24-month period to finance product development, continued expansion of distribution agreements and manufacturing capacity into global markets.

The Investment Agreement is structured to provide RDT with relatively quick access to private placement financing, as and when, required.  Under the Investment Agreement, RDT has the right to draw down on the facility, at its sole discretion, through equity private placement tranches of up to C$500,000 each.  Each tranche will be a placement of units (each a “Unit”), with each Unit comprising one RDT common share (a “Share”) and one common share purchase warrant (a “Warrant”).  The Units will be priced at a discount of between 15% to 25% from the market price of the Shares on the Canadian Securities Exchange at the time of the applicable RDT draw-down notice to the investor, or such lesser discount as dictated the policies of the Exchange. The Warrants will have an exercise price set at a 20% premium over the market price of the Shares and will have a term of three years. There are no standby charges or other upfront fees associated with the Investment Agreement.  Each tranche of Units issued under the Investment Agreement will be subject to the acceptance of the Canadian Securities Exchange.

In no event may the securities issuable to the investor pursuant to the Investment Agreement, when aggregated with the common shares and warrants already held by the investor on the date of purchase, exceed 9.99% of RDT’s outstanding common shares.  A minimum of five trading days must pass between the closing of one issuance of Units under the Investment Agreement and the initiation of another, subject by waiver by the investor.  There is no guarantee that RDT will draw down any funds under the Investment Agreement.

About Rapid Dose Therapeutics

Rapid Dose Therapeutics Corp. is a publicly traded Canadian life sciences company that provides innovative, proprietary drug delivery technologies designed to improve outcomes and quality of lives. RDT offers Quick, Convenient, Precise and Discreet™ choices to consumers. RDT is focused and committed to clinical research and product development for the healthcare manufacturing industry, including nutraceutical, pharmaceutical and cannabis industries. Within the cannabis sector, RDT provides a turn-key business solution which enables RDT’s QuickStrip™ proprietary drug delivery technology to be licensed by select partners. RDT’s service-based annuity contracts drive recurring revenue which enables rapid expansion into emerging markets — generating value for consumers and shareholders. RDT is committed to continually create innovative solutions aimed at multiple consumer segments and future market needs — including humans, animals and plants.

For more information, visit: www.rapid-dose.com

For further inquiries please contact:

Kristina SheaSVP, Marketing & CommunicationsCorporate Secretarykshea@rapid-dose.com(905) 876-8003

Social MediaRapidDoseTherapeutics.linkedinRapidDoseTherapeutics.twitterRapidDoseTherapeutics.facebookQuickStrip.instagram

Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend”, “will”, “would”, “could”, “are planned to”, “are expected to” or the negative of these terms and similar expressions. Statements containing forward-looking information, including, without limitation, in respect of the Corporation securing particular forms of insurance coverage and certain directors and officers rejoining the Corporation in particular roles express, as at the date of this news release, the plans, estimates, forecasts, projections, expectations or beliefs of RDT management as to future events or results and are believed to be reasonable based on information currently available to RDT management. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; the ability to implement its business strategies; competition; and other risks.  Readers are cautioned that the foregoing list is not exhaustive. There can be no assurance that statements of forward-looking information, although considered reasonable by RDT management at the time of preparation, will prove to be accurate as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Actual results and future events could differ materially from those anticipated in such forward-looking statements. Readers should not place undue reliance on forward-looking statements. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

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