LONDON, ONTARIO--(Marketwired - Jun 3, 2013) - Critical Outcome Technologies Inc. (TSX VENTURE:COT) ("COTI" or the "Corporation") is pleased to announce that it has completed a non‐brokered private placement and issued 2,412,397 units (the "Units") at a price of $0.12 per Unit for gross proceeds of approximately $289,500.
"This financing helps strengthen our balance sheet and better positions us as we advance toward several key value‐building milestones, both scientifically and commercially," said John Drake, Chairman of the Board. "These milestones include the completion of testing and development work under three existing drug discovery collaboration agreements and finding a partner to develop our lead cancer drug candidate, COTI‐2. We are approaching a transformative stage in the history of Critical Outcome Technologies given the potential each of these milestones represent."
Each Unit consists of one common share and one warrant of the Corporation. Each warrant is exercisable for one common share of the Corporation at an exercise price of $0.26 per share for a period of 18 months from the date of issue. The Corporation paid finders' fees to arm's length third parties in connection with the offering in the aggregate amount of $2,860 in cash and issued an aggregate of 23,000 compensation warrants. Each compensation warrant is exercisable into one common share of the Corporation for a period of 18 months from the date of issue at an exercise price of $0.20 per share.
The common shares and warrants comprising the Units, as well as the common shares issuable upon the exercise of the warrants and the compensation warrants, are subject to restrictions on resale, which expire on October 1, 2013 in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The offering is subject to final acceptance by the TSX Venture Exchange.
About Critical Outcome Technologies Inc. (COTI)
COTI is a leading‐edge technology company specializing in accelerating the discovery and development of small molecules - dramatically reducing the time and cost to bring new drugs to market. COTI'S proprietary artificial intelligence system, CHEMSAS®, utilizes a series of predictive computer models to identify compounds with a high probability of being successfully developed from disease specific drug discovery through chemical optimization and preclinical testing. These compounds are targeted for a variety of diseases, particularly those for which current treatments are either lacking or ineffective.
For more information, visit www.criticaloutcome.com.
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