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VANCOUVER, BC, December 23, 2022 /CNW/ – PanGenomic Health Inc. (“PanGenomic” or the “Company”) (CSE: NARA ) is pleased to announce that it has initiated a non-brokered private placement financing of up to 3,333,333 units (each a “Unit”) at a price of $0.15 per unit, for total gross income up to 500,000 dollars (the “Offer”). The Company further announces that it has closed a first tranche under the Offer for the gross proceeds of 200,000 dollars (“Closing of the First Installment”). The Company expects to complete a second tranche for the remaining balance of the Offer at commencement January 2023.
Each Unit consists of one (1) share of Class A common stock (each, a “Share”) and one (1) warrant to purchase Class A common stock (each, a “warrant”). Each warrant is exercisable into one additional share at an exercise price of $0.30 Canadian for a period of 24 months from the date of issue. If the closing price of the Share is greater than or equal to $0.60 for 10 consecutive trading days, the Company has the right to accelerate the expiry date of the Guarantees. Warrantholders will be notified of the Company’s exercise of the acceleration right by news release and will then have a 30-day period to exercise the Warrants.
The company issued 1,333,332 Units for gross revenue of 200,000 dollars in accordance with the first installment under the Offer. In connection with the closing of the first tranche private placement, the company paid a registered broker a cash fee of 2000 dollars. The Company will use the proceeds from the Offering to continue the development and commercialization of its Nara, Mindleap and PlantGx products and for general working capital purposes.
All securities issued in connection with the private placement in the first tranche are subject to a statutory hold period, in accordance with applicable securities laws, of four months and one day from the date of issuance.
This press release does not constitute an offer to sell or the solicitation of an offer to sell any of the securities in United States. The Securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “US Securities Act”), or any state securities law and are not may be offered or sold internally United States or to US Persons, unless registered under the US Securities Act and applicable state securities laws, or there is an exemption from its registration requirements.
About PanGenomic Health
PanGenomic Health is a precision health company that has developed a digital self-care platform to provide personalized, evidence-based information about natural treatments. The company’s initial focus is to support mental health. Registered as a British Columbia for-profit company, PanGenomic Health’s mission is to promote and improve the health and well-being of people and society by providing a technology platform that identifies plant-based solutions tailored to each individual’s health profile.
This news release contains certain statements that may be considered “forward-looking statements,” including statements with respect to the services to be provided by PanGenomic and the consideration to be paid to PanGenomic. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended identify forward-looking statements. Although PanGenomic believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, you should not place undue reliance on the forward-looking statements because PanGenomic can give no assurance that they will prove to be correct. Because forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only for the date of this News. In particular, there can be no assurance that the Company will be able to sell any additional securities pursuant to the Offer. Actual results may differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in PanGenomic’s disclosure documents which can be found under PanGenomic’s profile at www.sedar.com.
The Canadian Stock Exchange has neither endorsed nor approved the information contained herein and accepts no responsibility for the adequacy or accuracy of this announcement.
SOURCE PanGenomic Health Inc.
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