CORRECTION FROM SOURCE: BiocurePharm, Korea ("BPK") Announces Closing of Convertible Debenture Financing
Vancouver, British Columbia--(Newsfile Corp. - September 19, 2019) - Biocure Technology Corp. (CSE:CURE) (OTCQB: BICTF) ("CURE" or the "Company") wishes to correct its earlier press release of today's date to advise that it has closed its Convertible Debenture financing through its Korean Subsidiary BiocurePharm, Korea ("BPK"), BPK has issued convertible debentures for gross proceeds of Korean Won440,000,000 (CAD490,160). As previously advised, their maturity date is September 9, 2029 with the coupon rate of 3% and the investor has a right to convert to common shares of BPK at Korean Won11,000 (CAD12.25) per share three years after the issuance of Convertible Debenture. All dollar values are based on the published Exchange Rate of CAD0.001114/KRW1 on September 18, 2019, Bank of Canada.
Biocure is a South Korean based Bio Pharmaceutical company specializing in the development and potential commercialization of biosimilar pharmaceutical products. Biocure is in the process of pre- clinical trials of five major biosimilar products in South Korea, including Interferon Beta 1b, PEG- Filgrastim and Ranibizumab as well as CAR-T Cell Therapy. Interferon Beta 1b is used for treating relapsing forms of multiple sclerosis ("MS") Filgrastim is used to treat neutropenia, a lack of certain white blood cells caused by bone marrow transplants, chemotherapy, and other conditions. Ranibizumab is used for treating macular degeneration. It is also used to treat a type of eye problem known as macular edema, as well as certain eye problems caused by diabetes. Biocure is also developing a foot and mouth disease vaccine, and a hair growth production product.
ON BEHALF OF THE BOARD OF DIRECTORS
/S/ "SANG MOK LEE"
CEO and Director
For further information, please contact:
Biocure Technology Inc. Telephone: 604-609-7146, or firstname.lastname@example.org
Certain statements in this news release, which are not historical in nature, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning the Company's proposed activities under the Agreement and the expectations of the Company regarding funding payments due pursuant to the Agreement. These statements reflect management's current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company. Readers are cautioned not to place undue reliance on forward looking statements. Neither the Canadian Securities Exchange (the "CSE") nor the Investment Industry Regulatory Organization of Canada) accepts responsibility for the adequacy or accuracy of this release.
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