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  • Telo Genomics (TELO) announced a non-brokered private placement of units for gross proceeds of $1,500,000
  • Net proceeds will be used primarily to fund ongoing studies in multiple myeloma and the acquisition of a certified Clinical Laboratory Improvement Amendments (CLIA) lab
  • Telo Genomics is a biotech company
  • Telo Genomics Corp. (TELO) is down 7.41 per cent, trading at C$0.50 per share at 12:30 pm ET

Telo Genomics (TELO) is pleased to announce a non-brokered private placement of units for gross proceeds of $1,500,000.

Each unit will consist of one common share and one-half of one non-transferable common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share at a price of $0.75 for a period of 18 months from the date of issuance.

The company may pay a finder’s fee consisting of a cash fee equal to 7 per cent of the gross proceeds raised under the offering and finder’s warrants equal to 7 per cent of the Units sold under the offering. Each finder’s warrant will entitle the holder to acquire one common share for a period of 12 months from the date of issuance.

Net proceeds will be used to fund ongoing collaborative studies with the Mayo Clinic in multiple myeloma, the construction or purchase of a certified Clinical Laboratory Improvement Amendments (CLIA) lab, the exploration of additional indications and for general working capital purposes.

The securities issued will be subject to a four-month hold period from the date of issuance. The offering is subject to TSX Venture Exchange acceptance.

Telo Genomics is a biotech company pioneering the most comprehensive telomere platform in the industry with powerful applications and prognostic solutions.

Telo Genomics Corp. (TELO) is down 7.41 per cent, trading at C$0.50 per share at 12:30 pm ET.

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