 | |||||||||
 |  |  | |||||||
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, BC – TheNewswire - November 10, 2022 – Izotropic Corporation (“Izotropic” or the “Company”) (CSE:IZO) (OTC:IZOZF) (FSE:1R3), a medical device company commercializing IzoView, a dedicated breast CT (computed tomography) imaging platform, for the more accurate detection and diagnosis of breast cancers, announces that it has completed a non-brokered private placement financing (the “Offering”) of 2,500,000 units of the Company (each, a “Unit”) at a price of $0.40 per Unit for gross proceeds of $1,000,000. Each Unit consists of one common share (each, a “Share”) and one-half of one transferable common share purchase “A” warrant (each whole “A” warrant, an “A Warrant”) and one-half of one transferable common share purchase “B” warrant (each whole “B” warrant, a “B Warrant”, and together with the A Warrants, the “Warrants”). Each A Warrant will entitle the holder thereof to acquire one Share (each, an “A Warrant Share”) at a price of $0.70 per A Warrant Share for a period of two years following the closing of the Offering and each B Warrant will entitle the holder thereof to acquire one Share (each, a “B Warrant Share”, and together with the A Warrant Shares, the “Warrant Shares”) at a price of $0.80 per B Warrant Share for a period of two years following the closing of the Offering, subject to the terms and conditions contained in the applicable warrant certificate.
The use of proceeds from the Offering will be used for final product developments, capital components, product testing and general working capital.
The Company paid an aggregate of $25,942 and issued and aggregate of 64,855 broker warrants in connection with the closing of the Offering. Each broker warrant will entitle the holder to purchase one additional share at a price of $0.40 per share for a period of two years from closing of the Offering.
All securities issued in connection with the Offering will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities legislation.
None of the securities issued in the Offering will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
ON BEHALF OF THE BOARD
Dr. John McGraw
Investor Relations Contact:
James Berard
Toll Free: 1-833-IZOCORP ext.1
Media Inquiries Contact:
Jaclyn Thast
Toll Free: 1-833-IZOCORP ext.3
About Izotropic Corporation
Izotropic Corporation is the only publicly traded company commercializing a dedicated breast CT imaging platform, IzoView, for the more accurate detection and diagnosis of breast cancers. To expedite patient and provider access to IzoView, Izotropic's initial clinical study intends to demonstrate superior performance of diagnostic breast CT imaging over diagnostic mammography procedures. In follow-on clinical studies, Izotropic intends to validate platform applications, including breast screening in radiology, treatment planning and monitoring in surgical oncology, and breast reconstruction and implant monitoring in plastic and reconstructive surgery.
More information about Izotropic Corporation can be found on its website at izocorp.com and by reviewing its profile on SEDAR at sedar.com.
Forward-Looking Statements
This document may contain statements that are "Forward-Looking Statements," which are based upon the current estimates, assumptions, projections, and expectations of the Company's management, business, and its knowledge of the relevant market and economic environment in which it operates. The Company has tried, where possible, to identify such information and statements by using words such as "anticipate," "believe," "envision," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," "contemplate" and other similar expressions and derivations thereof in connection with any discussion of future events, trends or prospects or future operating or financial performance, although not all forward-looking statements contain these identifying words.
These statements are not guarantees of performance and involve risks including those related to capital requirements, and uncertainties that are difficult to control or predict, and as such, they may cause future results of the Company's activity to differ significantly from the content and implications of such statements. Forward-Looking Statements are pertinent only as of the date on which they are made, and the Company undertakes no obligation to update or revise any Forward-Looking Statements to reflect new information or the occurrence of future events or circumstances unless otherwise required to do so by law. Neither the Company nor its shareholders, officers, and consultants shall be liable for any action and the results of any action taken by any person based on the information contained herein, including, without limitation the purchase or sale of Company securities. Nothing in this document should be deemed to be medical or other advice of any kind. All images are for illustrative purposes only. IzoView is not yet approved for sale.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
Copyright (c) 2022 TheNewswire - All rights reserved.
