BioCure Technology Inc. Announces Closing of Financing
Vancouver, British Columbia--(Newsfile Corp. - October 14, 2020) - BioCure Technology Inc. (CSE: CURE) ("BioCure" or the "Company") announces that it will close a non-brokered private placement (the "Private Placement") on October 15th, 2020 consisting of 1,786,725 Units at a price of $0.14 cents per Unit for gross proceeds of $250,142.
Each Unit is comprised of one common share (the "Shares) and one share purchase warrant (the "Warrants") of the Company, where each whole Warrant entitles the holder to purchase an additional share for a period of two years from closing at a price of $0.21 per Warrant share (the "Warrant Shares").
The Company also agreed to pay a finder's fee of $3,360 ("Finders Cash") and 24,000 finder warrants ("Finder Warrants") for the proceeds raised by the finders ("Finders") in connection with the private placement. The Finder Warrants are exercisable for a period of one year from closing at a price of $0.21 per share.
The net proceeds from the non-brokered private placement are intended to be used for general working capital and research and development.
All securities issuance in the Private Placement will be subject to a hold period expiring on February 15, 2021.
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 email@example.com
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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