HBP:CC - Helix BioPharma Corp. Announces Closing of Private Placement of CAD $3 Million and Board Changes
(TheNewswire)
Toronto, Ontario - TheNewswire - August 22, 2023 - Helix BioPharma Corp. (TSX:HBP) (“ Helix ” or the“ Company ”), a clinical-stage biopharmaceutical company developingunique therapies in the field of immuno-oncology, based on itsproprietary technological platform DOS47, today announces that it has closed thefirst tranche of private placement financing for gross proceeds of CAD $2,998,000 from theissuance of 16,655,557 common shares at a price of $0.18 per commonshare.
The purchase of common shares by directors/ insiders isconsidered a “related party transaction” within the meaning ofMultilateral Instrument 61-101 – Protection of Minority Security Holders inSpecial Transactions (“MI 61- 101”). TheCompany relied on exemptions from the formal valuation and minorityapproval requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101 inrespect of the insiders purchase of common shares. The Company did notfile a material change report in respect of the related partytransaction less than 21 days prior to the closing of the privateplacement, which the Company deems reasonable in the circumstances soas to be able to avail itself of the proceeds of the private placementin an expeditious manner.
“We would like to thank all investors for theirstrong support and confidence in Helix. We look forward to continuedefforts toward this exciting program” said Mr. Antas, CEO ofHelix.
The common shares issued pursuant to the PrivatePlacement are subject to a statutory hold period of four months andone day, in accordance with applicable securities law. ARM Asset RiskManagement acted as the placement agent for the offering.
The Company intends to use the net proceeds of theprivate placement for working capital and advancing the Company’sL-DOS47 drug development program.
The securities offered have not been registered underthe United States Securities Act of 1933, as amended, and may not beoffered or sold in the United States or to, or for the account orbenefit of, U.S. persons absent registration or an applicableexemption from registration requirements. This news release does notconstitute an offer for sale of securities in the UnitedStates.
Board Changes
The Company announces the appointment of Mr. JanuszGrabski to the board of directors of the Company with an immediateeffect. Mr. Grabski is a lawyer specialized in corporate law and realestate law with over twenty years of experience. Mr. Grabski is basedin Warsaw, Poland. Alongside the appointment, the Company alsoannounces resignation of Mr. ChristopherMaciejewski from the board of directors of the Company due to personalreasons.
“On behalf of Helix, I wouldlike to thank Mr. Maciejewski for his service and wish him the best.The Board and Management welcome Mr. Grabski to the board and look forwardto working with him ”said Mr. Jacek Antas .
Helix BioPharma Corp. is a clinical-stagebiopharmaceutical company developing unique therapies in the field ofimmune-oncology for the prevention and treatment of cancer based onour proprietary technological platform DOS47. Helix is listed on the TSX under the symbol “HBP”.
For more information, please contact:
Helix BioPharma Corp.
Suite 2704, 401 Bay Street Toronto, Ontario, M5H 2Y4
Tel: 905-841-2300
Namrata Malhotra, CorporateSecretary
Forward-LookingStatements and Risks and Uncertainties
This news release containsforward-looking statements and information (collectively,“forward-looking statements”) within the meaning of applicableCanadian securities laws. Forward-looking statements are statementsand information that are not historical facts but instead includefinancial projections and estimates, statements regarding plans,goals, objectives, intentions and expectations with respect to theCompany’s future business, operations, research and development,including the Company’s activities relating to DOS47 . Forward-looking statements can further be identified by the use offorward-looking terminology such as “ongoing”, “estimates”,“expects”, or the negative thereof or any other variations thereonor comparable terminology referring to future events or results, orthat events or conditions “will”, “may”, “could”, or“should” occur or be achieved, or comparable terminology referringto future events or results.
Forward-looking statements arestatements about the future and are inherently uncertain and arenecessarily based upon a number of estimates and assumptions that arealso uncertain. Although the Company believes that the expectationsreflected in such forward- looking statements are reasonable, suchstatements involve risks and uncertainties, and undue reliance shouldnot be placed on such statements. Forward-looking statements,including financial outlooks, are intended to provide informationabout management’s current plans and expectations regarding futureoperations, including without limitation, future financingrequirements, and may not be appropriate for other purposes. Certainmaterial factors, estimates or assumptions have been applied in makingforward-looking statements in this news release.
The Company’s actual results coulddiffer materially from those anticipated in the forward-lookingstatements contained in this news release as a result of numerousknown and unknown risks and uncertainties, including withoutlimitation; the risk that the Company’s assumptions may prove to beincorrect; the risk that additional financing may not be obtainable ina timely manner, or at all, and that clinical trials may not commenceor complete within anticipated timelines or the anticipated budget ormay fail; third party suppliers of necessary services or of drugproduct and other materials may fail to perform or be unwilling orunable to supply the Company, which could cause delay or cancellationof the Company’s research and development activities; necessaryregulatory approvals may not be granted or may be withdrawn; theCompany may not be able to secure necessary strategic partner support;general economic conditions, intellectual property and insurancerisks; changes in business strategy or plans; and other risks anduncertainties referred to elsewhere in this news release, any of whichcould cause actual results to vary materially from current results orthe Company’s anticipated future results. Certain of these risks anduncertainties, and others affecting the Company, are more fullydescribed in the Company’s annual management’s discussion andanalysis for the year ended July 31, 2022 under the heading “Risksand Uncertainties” and Helix’s Annual Information Form, inparticular under the headings “Forward-looking Statements” and“Risk Factors”, and other reports filed under the Company’sprofile on SEDAR at www.sedar.com from time to time.Forward-looking statements and information are based on the beliefs,assumptions, opinions and expectations of Helix’s management on thedate of this new release, and the Company does not assume anyobligation to update any forward-looking statement or informationshould those beliefs, assumptions, opinions or expectations, or othercircumstances change, except as required.
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