Sharp Therapeutics closes C$1.37M non-brokered private placement

Sharp Therapeutics Corp. (TSXV: SHRX) (OTCQB: SHRXF) has closed a non-brokered private placement, raising aggregate gross proceeds of C$1,365,000 through the issuance of 1,500,000 common shares at C$0.91 per share, according to a press release statement.

The net proceeds will be used for general working capital purposes.

Newlin Investment Company 1, LLC, an entity wholly owned by William R. Newlin, participated in the offering for US$200,000.45. Newlin serves as a director and Chairman of the company and is considered an insider, making his participation a related-party transaction under Multilateral Instrument 61-101.

The company said it is exempt from requirements to obtain a formal valuation or minority shareholder approval, as neither the fair market value of the securities issued nor the consideration paid exceeds 25% of the company's market capitalization under MI 61-101.

The common shares are subject to a four-month plus one-day hold period from the date of issuance and remain subject to TSX Venture Exchange approval. No finder's fees or commissions were paid in connection with the offering.

Sharp Therapeutics is a preclinical-stage company based in Pittsburgh, Pennsylvania and Toronto, Ontario, focused on developing small-molecule therapeutics for genetic diseases.

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