Telo Genomics plans private placement for up to $1.2 million

Telo Genomics Corp. (TSXV: TELO) (OTCQB: TDSGF) announced a non-brokered private placement offering of secured convertible debentures for gross proceeds of up to $1,200,000.

The debentures will carry a 15% annual interest rate, compounded quarterly, and mature nine months after closing. Holders may convert the principal amount into common shares at $0.05 per share before maturity. For every $100,000 of debentures issued, the company will provide 2 million detachable warrants, exercisable at $0.08 per share for 12 months from closing.

The company plans to use proceeds for lab trials and general working capital. The offering requires approval from the TSX Venture Exchange.

Securities issued will be subject to a four-month hold period under Canadian securities laws. The company cannot prepay the debentures before maturity.

Telo Genomics develops telomere-based diagnostic technologies for oncology and neurological diseases. The biotech company focuses on liquid biopsy applications and has published research in peer-reviewed publications involving clinical studies with more than 3,000 patients.

You May Also Be Interested In

• Freedom Broker Downgrades Flexsteel (FLXS) to Hold
• M&T Bank Corp. (MTB) Declares $1.50 Quarterly Dividend; 2.4% Yield
• Toll Brothers (TOL) Tops Q3 EPS by 5c, reaffirms guidance