DENVER--(BUSINESS WIRE)--Please replace the release issued February 21, 2019 with the following corrected version due to multiple revisions.
The corrected release reads:
NANOSPHERE CLOSES $2 MILLION PRIVATE PLACEMENT OFFERING
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
NanoSphere Health Sciences Inc. (CSE: NSHS) (OTC: NSHSF) (“Nanosphere” or “the Company”) is pleased to announce that it has closed its non-brokered private placement announced on Feb. 11, 2019 issuing 6,666,394 units at a price of 30 cents per unit for gross proceeds of $1,999,918.20.
Each unit is comprised of one common share and a full purchase warrant exercisable to purchase a further common share at a price of 50 cents for a period of 24 months, subject to accelerated expiry if the Company's shares trade at or above 75 cents for 15 consecutive days. In connection with the closing, the company paid an aggregate of $41,931.41 in finders' fees and issued 106,050 finders' warrants having the same terms as the private placement warrants. All securities issued are subject to a statutory hold period expiring June 22, 2019.
Including the tranche closed in December 2018, the Company has issued an aggregate of 11,118,648 units for aggregate gross proceeds of $3,335,594. The proceeds will be used to expand the Company’s award-winning Evolve Formulatm cannabis products into new markets in the US, Canada and Mexico, further product development and marketing, shareholder communications and general working capital.
About NanoSphere
NanoSphere Health Sciences LLC, is a biotechnology firm specializing in the creation of the NanoSphere Delivery System™, a revolutionary platform using nanotechnology in the biodelivery of supplements, nutraceuticals and over-the-counter medications for the cannabis, pharmaceutical and animal health industries. For more information on NanoSphere, please visit http://www.nanospherehealth.com.
About Evolve Formulas
Evolve Formulas is the provider of the world's first and only scientifically proven nanoparticle delivery system in cannabis. Evolve’s pioneering product, Transdermal NanoSerum™, is a fast-acting, ultra-strength transdermal formula infused with nano-encapsulated cannabis and cannabis extracts. For more information on Evolve Formulas, visit https://www.evolveformulas.com/. Follow us on Facebook, Instagram and Twitter.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statement Caution
This news release includes forward looking statements that are subject to assumptions, risks and uncertainties. Statements in this news release which are not purely historical are forward looking statements, including without limitation any statements concerning the Company's intentions, plans, estimates, expectations or beliefs regarding the future. Although the Company believes that any forward looking statements in this news release are reasonable, there can be no assurance that any such forward looking statements will prove to be accurate. The Company cautions readers that all forward looking statements, including without limitation those relating to the Company's future operations and business prospects, are based on assumptions none of which can be assured, and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward looking statements. Without limitation, these include assumptions, risks and uncertainties inherent in completing sub-licensing arrangements in the United States, Canada and abroad, product demand, production, competition and government regulation of the Cannabis industry, any and all of which may have an adverse effect on the Company’s expansion plans, sales, revenues and its financial results and condition. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward looking statements. Any forward looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward looking statements, or to update the reasons why actual events or results could or do differ from those projected in the forward looking statements, whether as a result of new information, future events or otherwise.