IZOZF - Izotropic Corporation Announces Closing of Non-Brokered Private Placement
(TheNewswire)
VANCOUVER, BC – TheNewswire- December 9, 2020 – Izotropic Corporation (“ Izotropic ” or the “ Company ”) (CSE:IZO) (CNSX:IZO.CN) is pleased to announce that it has completed anon-brokered private placement financing (the “ Offering ”) of1,896,679 units of the Company (each, a “ Unit ”) at a priceof $0.90 per Unit for gross proceeds of $1,707,011. Each Unitconsists of one common share and one transferable warrant (each, a“ Warrant ”), and each Warrant entitles the holder to purchase oneadditional share at a price of $1.50 per share for a period of twoyears from closing of the Offering, subject to the Acceleration Right(as defined below) such that in the event that the common shares ofthe Company have a closing price on the Canadian Securities Exchange(or such other exchange on which the common shares may be traded atsuch time) of $1.85 or greater per common share for a period of ten(10) consecutive trading days at any time from the date that is fourmonths and one day after the closing date of the Offering, the Companymay accelerate the expiry date of the Warrants by giving notice to theholders thereof (by disseminating a news release advising of theacceleration of the expiry date of the Warrants) and, in such case,100% of the then unexercised Warrants will expire on the thirtieth dayafter the date of such notice (the “ Acceleration Provision ”). Insiders may participate in the Offering.
The use of proceeds from the Offering will be used forbusiness development and general and administrative purposes.
The Company paid an aggregate of $64,086.75 and issuedan aggregate of 62,937 broker warrants in connection with the closingof the Offering. Each broker warrant will entitle the holder topurchase one additional share at a price of $1.50 per share for aperiod of two years from closing of the Offering.
All securities issued in connection with the Offeringwill be subject to a statutory hold period of four months and one day from thedate of issuance in accordance with applicable securitieslegislation.
None of the securities issued in the Offering will beregistered under the UnitedStates Securities Act of 1933 , as amended (the“ 1933 Act ”), and none of them may be offered or sold in the UnitedStates absent registration or an applicable exemption from theregistration requirements of the 1933 Act. This news release shall notconstitute an offer to sell or a solicitation of an offer to buy norshall there be any sale of the securities in any state where suchoffer, solicitation, or sale would be unlawful.
The Company has also granted 300,000 stock options tothird party consultants at an exercise price of $1.17. The stockoptions are in effect for two (2) years and vest immediately.
ON BEHALF OF THE BOARD
Robert Thast
Chief Executive Officer
Investor Relations, Dan Sammartino:1-778-962-0234
Email: info@izocorp.com
Website: izocorp.com
About Izotropic Corp.
Izotropic Corporation and its wholly owned U.S.operating subsidiary, Izotropic Imaging Corp. have been established tocommercialize the next generation of breast imaging technology forearly diagnosis of breast cancer. The Izotropic Breast CT ImagingSystem produces high resolution breast images in 3D. A single 10second breast CT scan acquires approximately 500 images, withoutpainful breast compression, providing radiologists with fully 3Dviewing of the scanned breast. Mammography scanning requirescompression of the breast between 2 imaging plates, resulting in 2Dimages.
The Company has the exclusive worldwide license fromthe University of California, Davis to commercialize the technologydeveloped by principal founder and Company director Dr. John M. Booneand researchers at UC Davis. The license includes all intellectualproperty, trade secrets, patents and patent-pending applications thatare the foundation of the Company’s breast CT imaging platform.
Approximately $20 million in research funding and over15 years of research and development have been invested in developingthis groundbreaking breast CT imaging technology. Research includes acurrent, ongoing $2.9M U.S. clinical trial at UC Davis Medical Center.
The Company founders believe that this technology willbe a disruptive entry to the market, overcoming many of the challengesfaced by existing breast imaging modalities.
Forward Looking Statements
This document may contain forward-looking statementsthat are based on the Company’s expectations, estimates andprojections regarding its business and the economic environment inwhich it operates. These statements are not guarantees of futureperformance and involve risks and uncertainties that are difficult tocontrol or predict. Therefore, actual outcomes and results may differmaterially from those expressed in these forward-looking statementsand readers should not place undue reliance on suchstatements. Statements speak only as of the date on which they aremade and the Company undertakes no obligation to update them publiclyto reflect new information or the occurrence of future events orcircumstances, unless otherwise required to do so by law.
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