Halifax, Nova Scotia--(Newsfile Corp. - March 12, 2021) - Sixth Wave Innovations Inc. (CSE: SIXW) (OTCQB: ATURF) (FSE: AHUH) ("Sixth Wave" or the "Company") is pleased to announce that it has arranged a non-brokered private placement (the "Private Placement") of units (the "Units") for approximate aggregate gross proceeds of C$6 million. The Private Placement has been fully-subscribed and the Company is no longer accepting orders at this time.
Each Unit will be issued at a subscription price of C$0.30, and will consist of one common share in the capital of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"), with each Warrant giving the holder the right to purchase one additional Common Share at an exercise price of $0.50 for a period of 24 months from the date of issuance. The exercise price of the Warrants are subject to any adjustments that may be required by the applicable policies of the Canadian Securities Exchange (the "CSE").
The Company may pay aggregate cash finders fees of up to 7% of the gross proceeds raised from the Private Placement, in addition to issuing finder's warrants ("Finder's Warrants") representing up to 7% of the Units issued. Each Finder's Warrant will entitle the holder to acquire one Common Share at a price of $0.375 per Common Share for a period of 24 months from the date of issuance.
The Company intends to use the net proceeds of the Private Placement for the continued development of the Company's cannabis extraction technology, the development of the Company's COVID-19 detection technology and general working capital.
The closing of the Private Placement and the issuance of the securities in connection therewith is conditional on the final acceptance of the CSE. All securities that are issued pursuant to the Private Placement will be subject to, among other things, a hold period of four months and one day in accordance with applicable Canadian securities laws. At its discretion, the Company may complete additional tranches of the Private Placement in the near future. The Company will make further announcements on the closing of any such additional tranches, if applicable.
About Sixth Wave
Sixth Wave is a development stage nanotechnology company with patented technologies that focus on extraction and detection of target substances at the molecular level using highly specialized Accelerated Molecularly Imprinted Polymers (AMIPs). The Company is in the process of commercializing its Affinity cannabinoid purification system, as well as, IXOS®, a line of extraction polymers for the gold mining industry.
Sixth Wave can design, develop and commercialize AMIP solutions across a broad spectrum of industries. The company is focused on nanotechnology architectures that are highly relevant for detection and separation of viruses, biogenic amines and other pathogens, for which the Company has products at various stages of development.
For more information about Sixth Wave, please visit our web site at: www.sixthwave.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Jon Gluckman"
Jonathan Gluckman, Ph.D., President & CEO
For information, please contact the Company:
Phone: (801) 582-0559
E-mail: info@sixthwave.com
Cautionary Notes
This press release includes certain statements that may be deemed "forward-looking statements" including statements regarding the completion, aggregate size and timing of the Private Placement and any additional tranches of the Private Placement, the planned use of net proceeds of the Private Placement and the performance of the AMIPs and Affinity technologies. All statements in this release, other than statements of historical facts, that address future events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual events or developments may differ materially from those in forward-looking statements. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. In particular, successful development and commercialization of the AMIPs technology are subject to the risk that the AMIPs technology may not prove to be successful in detecting virus targets effectively or at all, uncertainty of medical product development, uncertainty of timing or availability of required regulatory approvals, lack of track record of developing products for medical applications and the need for additional capital to carry out product development activities. The value of any products ultimately developed could be negatively impacted if the patent is not granted. The Company has not yet completed development of a prototype for the product that is the subject of its patent application and has not yet applied for regulatory approval for the use of this product from any regulatory agency.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
The CSE has not in any way passed upon the merits of the Private Placement and has neither approved nor disapproved the contents of this news release.
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
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