BioMark Announces Exercise of Warrants and Gain DTC Eligibility for Its Common Shares
Vancouver, British Columbia--(Newsfile Corp. - April 21, 2021) - BioMark Diagnostics Inc. (CSE: BUX) (FSE: 20B) (OTC Pink: BMKDF) ("BioMark") is pleased to announce today the agreement by several long-time strategic accredited investors and insiders to exercise approximately 2,000,000 warrants issued in connection with the Company's private placement of units completed in April 2019, with the warrant exercise price of $0.20 per share. All the warrants were exercised before the warranty maturity date of April 16, 2021. The gross proceeds to the company from the exercise of the warrants are expected to be approximately $400,000.00.
BioMark intends to use the net proceeds from the warrant exercise to fund ongoing clinical validation of its liquid biopsy platform and working capital for its clinical lab facilities in Québec as well as for other general corporate purposes.
"The infusion of equity indicates a strong appreciation from investors in BioMark's fundamentals that will continue this momentum through the end of the year. This strengthening of the balance sheet is one more piece in our plan to accelerate the pre-commercialization of our early detection and screening diagnostics assays for lung cancers" said Rashid Bux, CEO of BioMark.
In addition, BioMark also would like to announce that its common shares will now be eligible for electronic clearing and settlement through the Depository Trust Company ("DTC"). DTC is a subsidiary of the Depository Trust & Clearing Corporation, a US company that manages the electronic clearing and settlement of publicly traded companies. Through an electronic method of clearing securities, DTC eligibility simplifies the process of trading and transferring the Company's common shares between brokerages in the United States.
BioMark's common shares are now fully DTC eligible and will continue to trade under the ticker symbol "BMKDF" on the OTC market. "We are excited with obtaining DTC eligibility, as it represents an important step forward in broadening our shareholder base and building a strong presence for our company within the US capital markets sphere", said Rashid Bux, CEO of BioMark.
About BioMark Diagnostics Inc.
BioMark is developing proprietary, non-invasive, and accurate cancer diagnostic solutions which can help detect, monitor, and assess treatment for cancer early and cost-effectively. The technology can also be used for measuring response to treatment and potentially for serial monitoring of cancer survivors.
For further information on BioMark, please Contact:
Rashid Ahmed Bux
President & CEO
BioMark Diagnostics Inc.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of BioMark. Forward-looking information is based on certain key expectations and assumptions made by the management of BioMark. Although BioMark believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because BioMark can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. BioMark disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events, or results or otherwise, other than as required by applicable securities laws.
The CSE has not reviewed, approved, or disapproved the content of this press release.
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