Onco-Innovations plans $2 million private placement offering

Onco-Innovations Limited (CBOE CA: ONCO) announced plans to complete a non-brokered private placement offering of up to 1,428,572 units at $1.40 per unit, seeking to raise up to $2 million in gross proceeds.

Each unit consists of one common share and one-half of one common share purchase warrant. The warrants allow holders to purchase one share at $2.00 per warrant for 36 months following issuance.

The company will issue shares equal to 1% of total shares issued in the private placement to a third party as an administrative fee. Onco-Innovations may also pay finders' fees or issue finders' warrants to parties who assist in introducing subscribers to the offering.

The private placement requires regulatory and other approvals before closing. Securities issued will be subject to a four-month and one-day hold period under applicable securities laws. Proceeds will fund general corporate and working capital purposes, including operational and research and development objectives and investor relations activities.

The company also appointed Christopher Gulka to its board of directors. Gulka brings over 30 years of capital and public markets experience and founded Working Capital Corporation, a corporate finance firm. He previously served as CFO and director of Inner Spirit Holdings Ltd. and held senior financial and board roles with public companies across mining, energy, cannabis, and industrial sectors. Gulka holds a Bachelor of Commerce from the University of Alberta and is a Chartered Financial Analyst and Chartered Professional Accountant.

Gulka replaces Graydon Bensler on the board. Onco-Innovations is a Canadian company focused on cancer research and treatment with an exclusive worldwide license to patented technology targeting solid tumors.

You May Also Be Interested In

• BMO Capital Upgrades Replimune Group (REPL) to Outperform
• Himax launches new iToF depth decoder ICs for robotics and AI vision
• MongoDB launches new AI retrieval tools for cloud and on-premises use