MISSISSAUGA, ON, Aug. 29, 2017 /CNW/ - Crescita Therapeutics Inc. (TSX:CTX) (Crescita or the Company), a commercial dermatology company with a portfolio of non-prescription skincare products and prescription drug products, today announced it has completed the previously announced $1.0 million convertible debenture financing with the Bloom Burton Healthcare Lending Trust and the Bloom Burton Healthcare Lending Trust II (the Bloom Burton Funds).
The debentures are convertible into common shares at the option of the holder at a conversion price of $1.00 per share (subject to customary adjustments). Additional details regarding the terms of the debentures are contained in the Company's news release dated August 14, 2017, a copy of which is available under the Company's profile at www.sedar.com.
The proceeds of the convertible debenture financing are expected to be used to repay indebtedness and for general corporate purposes.
Copies of the convertible debentures, which include all of the terms and conditions of the convertible debentures, will be filed under the Company's profile at www.sedar.com. The summary of the convertible debentures above is qualified by reference to the specific terms of the convertible debentures.
As previously announced, the Company also issued to the Bloom Burton Funds, an aggregate of 100,000 common share purchase warrants which are exercisable at a price of $0.75 per share.
"Completion of this financing further strengthens our financial position as we continue to execute our growth strategy," said Serge Verreault, Crescita's President. "We are very appreciative of the strong continued support of Bloom Burton and we are excited about the future prospects of Crescita."
About Crescita Therapeutics Inc.
Crescita (TSX:CTX) is a publicly traded, Canadian commercial dermatology company with a portfolio of non-prescription skincare products for the treatment and care of skin conditions and diseases and their symptoms and prescription drug products for the treatment of pain. Crescita owns multiple proprietary drug delivery platforms that support the development of patented formulations that can facilitate the delivery of active drugs into or through the skin. For additional information, please visit www.crescitatherapeutics.com.
This Press Release contains "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the use of proceeds of the convertible debenture financing, the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. Crescita's actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, readers should not rely on any of these forward-looking statements. Important factors that could cause Crescita's actual results and financial condition to differ materially from those indicated in the forward-looking statements include the risk factors included in Crescita's most recent Annual Information Form dated March 29, 2017 under the heading "Risks Factors", and as described from time to time in the reports and disclosure documents filed by Crescita with Canadian securities regulatory agencies and commissions. These and other factors should be considered carefully and readers should not place undue reliance on Crescita's forward-looking statements. As a result of the foregoing and other factors, no assurance can be given as to any such future results, levels of activity or achievements and none of Crescita or any other person assumes responsibility for the accuracy and completeness of these forward-looking statements.
Any forward-looking statement made by the Company in this Press Release is based only on information currently available to it and speaks only as of the date on which it is made. Except as required by applicable securities laws, Crescita undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
SOURCE Crescita Therapeutics Inc.