Join        Login             Stock Quote

Critical Outcome Technologies Inc. Completes Financing

Friday, April 27, 2012 4:30 PM

LONDON, ONTARIO--(Marketwire - April 27, 2012) - Critical Outcome Technologies Inc. (TSX VENTURE:COT) ("COTI" or the "Corporation") is pleased to announce that it completed the final tranche of its previously announced non-brokered private placement offering today with the issuance of 1,875,000 units (the "Units") at a price of $0.16 per Unit for gross proceeds of $300,000. Each Unit consisted of one common share and one warrant of the Corporation. Each warrant is exercisable into one common share of the Corporation at an exercise price of $0.30 per common share for a period of 18 months from the date of issue.

The Corporation paid finders' fees to arm's length third parties in connection with this tranche in the aggregate amount of $21,000 in cash and the issuance of 131,250 compensation warrants. Each compensation warrant is exercisable into one common share of the Corporation at an exercise price of $0.30 per common share for a period of 18 months from the date of issue.

In aggregate, the Corporation raised gross proceeds from the offering of $1,800,000 through the sale of 11,250,000 Units and paid finders' fees of $116,270 and issued 726,686 compensation warrants.

The common shares and warrants issued by the Corporation under the offering are subject to restrictions on resale in accordance with applicable securities laws and the policies of the TSX Venture Exchange. These restrictions will expire on July 24, 2012 for the securities issued on the first closing, August 11, 2012 for those issued on the second closing and August 28, 2012 for this third and final closing.

The offering and finders' fees are subject to final regulatory approval.

"With the completion of our private placement, we are positioned to move forward expeditiously with the final experimental milestones for our lead compound, COTI-2, and drive it to readiness for an investigational new drug filing later this year," said John Drake, Chairman of the Board. "The data generated from these experiments will address risk reduction points identified by potential licensees. Consequently, this period will be a key value building inflection point for COTI-2."

About Critical Outcome Technologies Inc. (COTI)

COTI is a leading-edge company specializing in accelerating the discovery of small molecules thus enabling these new drugs to be brought to market in a more cost effective, efficient and timely manner. COTI'S proprietary artificial intelligence system, CHEMSASĀ®, utilizes a series of predictive computer models to identify compounds most likely to be successfully incorporated in disease-specific drug discovery, as well as subsequent optimization and preclinical development. These compounds are targeted for a variety of diseases, particularly those for which current treatments are either lacking or ineffective. Upon confirming the predictions of CHEMSASĀ® through a series of preclinical tests, COTI seeks to license these compounds for further preclinical and clinical compounds.

For further information, please visit the website at www.criticaloutcome.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

(Source: CCN )
(Source: Quotemedia)


Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.