Bioasis closes $4.05-million private placement

2017-04-11 20:53 ET - News Release

An anonymous director reports

BIOASIS CLOSES OVERSUBSCRIBED NON-BROKERED PRIVATE PLACEMENT

Bioasis Technologies Inc., further to its press releases dated March 20, 2017, and March 31, 2017, has closed its non-brokered placement. The Company has issued 5,797,795 units (each a "Unit") at a price of CDN$0.70 per unit, for gross proceeds of CDN$4,058,457. Each unit consists of one common share and one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company at a price of $1.00 per share for a period of twenty-four months from the date of closing, subject to an exercise acceleration clause. Under the exercise acceleration clause, which the Company may exercise once the Units are free of resale restrictions and if the Company's shares are trading at or above a volume weighted average price of $1.50 for 10 consecutive trading days, the Warrants will expire upon 30 days from the date the Company provides notice in writing to the Warrant holders via a news release.

A cash finder's fees of CDN$236,174.40 was paid on a portion of the financing. All securities issued are subject to a hold period of four (4) months and one day and as such may not be traded until August 12, 2017. The net proceeds from the sale of units have been added to working capital in furtherance of the Company's business.

About biOasis

biOasis Technologies Inc. is a biopharmaceutical company headquartered in the Vancouver, Canada area, focused on overcoming the limitations of therapeutic drug delivery across the BBB. The company is developing and commercializing a proprietary brain delivery technology to address unmet medical needs in the treatment of central nervous system disorders.

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