Press release Communiqué de presse
Press release Communiqué de presse
January 25, 2021 25 January, 2021
Sernova Announces Warrants Exercise for Proceeds of $4.3 Million and Early Conversion of Debenture
LONDON, ONTARIO – January 25, 2021 – Sernova Corp. (TSX-V:SVA)(OTCQB:SEOVF)(FSE:PSH), a leading
clinical-stage regenerative medicine therapeutics company is pleased to announce that in recent weeks it has
received gross proceeds of $4.3 million pursuant to the exercise of more than 14 million warrants. Sernova
intends to use the proceeds of the warrants exercised to support the Company’s clinical diabetes programs
including its US Phase I/II diabetes clinical trial, diabetes stem cell-derived technologies and to also accelerate
treatments for hypothyroid disease and hemophilia A.
The exercised warrants were originally issued in connection to public offerings of units completed by Sernova in July 2018 and September 2019. In October 2020, the 2018 warrants were subsequently extended by the Company to February 2021.
Sernova also announces the early conversion by the holder of its outstanding $1 million convertible debenture, due December 2022, into equity of the Company. The conversion will save the Company almost two years of interest costs.
“I am extremely pleased to see these warrants being exercised and the continued support from our shareholders," commented Dr. Philip Toleikis, President and CEO of Sernova Corp. "The early conversion of the debenture coupled with the warrants proceeds strengthens our balance sheet and cash position as we continue our ongoing efforts to create shareholder value."
Warrants holders interested in exercising their warrants may contact the Company (see the contact information provided below). The terms and conditions of the warrants are set out in the warrants certificate.
ABOUT SERNOVA CORP.
Sernova Corp is developing regenerative medicine therapeutic technologies using a medical device and immune protected therapeutic cells (i.e. human donor cells, corrected human cells and stem cell-derived cells) to improve the treatment and quality of life of people with chronic metabolic diseases such as insulin-dependent diabetes, blood disorders including hemophilia, and other diseases treated through replacement of proteins or hormones missing or in short supply within the body. For more information, please visit www.sernova.com
For further information contact:
Tel: (519) 858-5126
This release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Sernova believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of Sernova’s management on the date such statements were made, which include our beliefs about the conduct and outcome of clinical trials. Sernova expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.