Halifax, Nova Scotia – (News File Corporation – March 24, 2022) – Sixth Wave Innovations Company. (CSE: SIXW) (OTCQB: SIXWF) (FSE: AHUH) (“Sixth Wave” or “Company”) It is pleased to announce the placement of the following equity shares to an institutional investor (“placement”) to raise a gross amount of 2.5 2.568 million. Funds should be used to generate revenue for the development of IXOS, Affinity and AMIPs projects as well as for corporate expenses and general work investment.
Sixth Wave signed agreements to issue the following guarantees for a total net consideration of 2. 2.4 million:
-
The company’s 12,200,000 units (each “unit”) have a common share in the company’s capital (a “subscription share”) and a general purchase of shares (a “warrant”), with each guarantee. Holders will receive an additional general contribution of 17 0.175 in Year 1 and 2 and $ 0.20 in Year 3 after the date of issue.
-
1,104 convertible loan notes (“notes”) have an interest rate of $ 1,000 per note in the principal amount, 1% per annum. Each note is converted into 4,167 common shares for a period of 36 months from the date of issue. The exchange of notes is limited only when the issued shares do not take ownership of more than 9.9% of the company’s ownership along with the current assets of that time; And
-
4,600,368 Ordinary Share Purchase Guarantee (“Memorial Guarantee”) issued as collateral under the same conditions;
-
(Units, notes, note warrants are generally referred to as “security”).
Sorbie Capital LP (“Sorbie”), an institutional investor, has joined Security. In addition, the company has signed a partnership agreement with Sorbie, which allows the company to retain a significant portion of the economic benefits in Sorbie’s subscription shares and notes. The share transfer will allow the company to secure a potential increase in the 12,200,000 Sorbie subscription shares over the next 24 months arising from the news flow. The share transaction presents that the company’s economic benefits will be determined in 24-month settlement installments and payable as measured at 16 0.16 per share against the benchmark rate. If the measured share price exceeds the benchmark price, for this month, the company will receive more than 100 percent of the monthly settlement. The measured share price is determined on a VWAP basis for 20 business days prior to the monthly settlement. There is no upper limit on the additional revenue received by the company as part of the monthly settlement. If the share price falls below the benchmark rate, the company will receive less than 100 percent of the estimated monthly liquidity on a proportional basis. Under no circumstances will a fall in the company’s share price lead to an increase in the number of ordinary shares in Sorbi or any other gain to Sorbi.
The placement structure is designed to give the company the flexibility to continue the development of the company’s projects while maintaining a steady source of funds that covers a portion of the company’s short-term cash flow needs. Adjusting the placement balance will occur after the record date for the share purchase plan.
Under applicable Canadian guarantee laws, all financing guarantees are for a period of four months and one day, expiring four months and one day from the date of issue. Additional retention periods and / or trade or resale restrictions may also apply in the United States.
The financing is exempt from the formal value of MI 61-101 and the approval requirements of the minority shareholders because neither the subject matter of the financing issue nor the paid up market value exceeds 25% of the company’s market capitalization. No additional insiders or affiliates of the company participated in the financing. No new entrants or controls have been created regarding the closure of the financing.
The suspension of financing, as well as the issuance of units accordingly, is subject to the final acceptance of the Canadian Security Exchange. “CSE“).
The company plans to use the personal relocation proceeds for general operating capital, replacing its opioid-cannabis cleaning units, as well as its AMIPs virus detection technology and the continued development of its IXOS.3 Technology
About the sixth wave
Sixth Wave is a nanotechnology company with patented technologies that focuses on the extraction and detection of target substances at the molecular level using highly specialized molecular imprinted polymers (MIPs). The company is in the process of commercializing its emotional ™ cannabinoid cleansing system commercially, as well as, IXOS3, A line of extraction polymers for the gold mining industry. The company is in the process of developing rapid diagnostic tests for viruses under the label Accelerated MIPs (AMIPs ™). Sixth Wave can design, develop and commercialize MIP solutions across a wide range of industries. The company focuses on nanotechnology structures that are highly relevant for the detection and isolation of viruses, biogenic amines, and other diseases, for which the company has products at different stages of development.
For more information on Sixth Wave, please visit our website: www.sixthwave.com
For information, please contact the company:
Mark McDonald
Phone: (801) 582-0559
Email: [email protected]
Precautions
This press release includes some statements that may be considered as “future statements” including statements about the planned use of revenue and the performance of AMIPs technologies. All statements in this publication, except statements of historical facts, which indicate future events or developments that the company expects, are significant statements. Although the Company believes that the expectations expressed in such future statements are based on reasonable assumptions, such statements do not guarantee future performance, and actual events or developments may differ materially from future vision statements. . Such future statements must necessarily include known and unknown risks and uncertainties, which may materially differ from any future estimates or results of the company’s actual performance and financial results in the coming period. Expressed or appended by statements. In particular, the successful development and commercialization of AMIPs technology runs the risk that AMIPs ™ technology may not be able to effectively or completely detect virus targets, medical product development uncertainty, over time. Or existence uncertainty. Lack of required regulatory approvals, lack of track record of product development for medical applications and need for additional funding to carry out product development activities. The value of any product that eventually arises can have a negative impact if the patent is not granted. The company has not yet completed the development of a prototype for the product that is subject to its patent application and has not yet requested regulatory approval from any regulatory body to use this product.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/117968