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  • Telo Genomics (TELO) has closed the first tranche of its non-brokered private placement
  • The first tranche raised gross proceeds of $2,092,750
  • Telo paid finder’s fees and warrants to Leede Jones Gable Inc., Research Capital Corporation, and Haywood Securities Inc.
  • Proceeds will be used to fund the company’s ongoing collaborative studies with the Mayo Clinic in multiple myeloma and to fund the purchase of a CLIA lab
  • Telo Genomics is a biotech company
  • Telo Genomics Corp. (TELO) opened trading at C$0.495 per share

Telo Genomics (TELO) has closed the first tranche of its previously announced non-brokered private placement.

The first tranche consisted of a total of 4,185,500 units at a price of $0.50 per unit for gross proceeds of $2,092,750.

Each unit issued consisted of one common share and one-half of one non-transferable common share purchase warrant. Each whole warrant will entitle the holder to acquire one additional share at a price of $0.75 until December 30, 2022.

In connection with the first tranche of the offering, Telo paid $57,925 to Leede Jones Gable Inc., $38,850 to Research Capital Corporation, and $5,127.50 to Haywood Securities Inc.

The company also issued finder’s warrants to Leede Jones Gable Inc., Research Capital Corporation, and Haywood Securities Inc.

Each finder’s warrant entitles the holder to acquire one common share at a price of $0.50 per share until June 30, 2022.

Proceeds will be used to fund the company’s 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.

Telo intends to complete the second and final tranche of the offering on or around July 2 for gross proceeds of approximately $195,000.

The offering is subject to final approval from the TSX Venture Exchange.

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

These include liquid biopsies and related technologies in oncology and neurological diseases. Liquid biopsy is a rapidly growing field of significant interest to the medical community for being less invasive and more easily replicated than traditional diagnostic approaches.

Telo Genomics Corp. (TELO) opened trading at C$0.495 per share.

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