On January 12, 2018, Khiron Life Sciences Corp. completed a brokered private placement of subscription receipts at a price of $1.00 per subscription receipt. Khiron issued a total of 11,230,000 subscription receipts for aggregate gross proceeds of $11.23 million. The offering was completed by a syndicate of agents led by Canaccord Genuity Corp., together with Eight Capital.
Each subscription receipt entitles the holder to receive, upon satisfaction of the escrow release conditions on or before the escrow release deadline, and without payment of additional consideration, one unit in the capital of Khiron. Each unit consists of one common share and one common share purchase warrant of Khiron.
The offering was conducted in connection with the proposed business combination between Khiron and Adent Capital Corp., which transaction is intended to constitute Adent’s “Qualifying Transaction” under the rules and policies of the TSX Venture Exchange.
Cassels Brock acted for the agents with a team that included Nancy Choi, Shaun Khullar, and Chad Podolsky (Securities and Cannabis).