StageZero Life Sciences Ltd
StageZero Life Sciences Announces Conversion of December 2016 Convertible Debentures
Friday, January 3, 2020 11:20 AM
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
TORONTO, ON / ACCESSWIRE / January 3, 2020 / StageZero Life Sciences, Ltd (TSX:SZLS) ("StageZero" or the "Company") today announced that it has exercised its conversion option for the brokered convertible, unsecured subordinated debentures (the "Debentures") maturing on December 23, 2019. Canadian $621,000 of outstanding Debentures were converted.
The Debentures bore interest at a rate of 8% per annum, payable semi-annually in arrears, in cash, and the final interest payment has been made. Payment of principal was payable in cash or common shares of the Company ("Common Shares") at the discretion of the Company. The Company elected to pay in Common Shares, where the number of Common Shares delivered was at a 10% discount to the 5-day volume weighted average trading price ending on the trading day immediately preceding the date that the principal amount is due.
Each Debenture will be converted into Common Shares at a conversion price of $0.03636 for a total issuance of 17, 078,742 shares. No fractional shares will be issued.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of StageZero in the United States.
About StageZero Life Sciences
StageZero Life Sciences is dedicated to the early detection of cancer and multiple disease states through whole blood. Aristotle®, our next generation test, is a panel for simultaneously screening for 10 cancers from a single sample of blood with high sensitivity and specificity for each cancer. Aristotle is built on our proven and proprietary Sentinel Principle Technology Platform which has been validated on 10,000 patients and used to develop the first liquid biopsy for Colorectal Cancer, with further validation currently underway. In addition to building a pipeline of products for early cancer detection, the Company operates a CAP accredited and CLIA certified reference laboratory based in Richmond, Virginia that offers the ColonSentry® test as well as licensed biomarker tests for lung, breast and prostate cancers. To learn more visit www.stagezerolifesciences.com.
This press release contains forward-looking statements identified by words such as "expects", "will" and similar expressions, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties that could cause the Company's actual events to differ materially from those projected herein. Investors should consult the Company's ongoing quarterly filings and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements, except as required by law.
James R. Howard-Tripp
Chairman & CEO
Tel: 1-855-420-7140 Ext. 1
Financial Communication Advisor
Tel. (514) 815-8799
SOURCE: StageZero Life Sciences Ltd