Izotropic announces private placement to raise up to $300K

Izotropic Corporation (CSE: IZO) (OTCQB: IZOZF) (FSE: 1R3) announced plans to complete a non-brokered private placement of up to 1,200,000 units at $0.25 per unit for gross proceeds of up to $300,000, according to a company statement.

Each unit will consist of one common share and one transferable warrant. The warrants will allow holders to purchase one additional share at $0.50 per share for three years from the closing date. The company stated proceeds will be used for general working capital.

Securities issued in the offering will be subject to a four-month and one-day statutory hold period from the issuance date. The offering requires regulatory approvals and other conditions to complete.

The company also extended the expiry date of 2,841,325 outstanding share purchase warrants issued in September 2023. These warrants maintain their $0.50 exercise price but will now expire on September 20, 2026, instead of the original September 20, 2025 date.

The Canadian Securities Exchange granted an exemption from certain policy requirements to permit the warrant extension. The exchange exempted requirements related to warrants not being listed for trading, exercise prices exceeding current market prices, lack of recent warrant exercises, and remaining trading days before expiry.

Warrant holders will not need to take any action for the extension to take effect. All other terms and conditions of the 2023 warrants remain unchanged, subject to final CSE approval.

Izotropic develops medical device technologies for breast cancer screening, diagnosis and treatment.

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