{"id":2293,"date":"2022-11-10T22:32:19","date_gmt":"2022-11-10T22:32:19","guid":{"rendered":"https:\/\/telescopeinnovations.com\/?p=2293"},"modified":"2023-07-11T10:06:02","modified_gmt":"2023-07-11T17:06:02","slug":"telescope-announces-closing-of-1-46-million-non-brokered-private-placement","status":"publish","type":"post","link":"https:\/\/telescopeinnovations.com\/telescope-announces-closing-of-1-46-million-non-brokered-private-placement\/","title":{"rendered":"Telescope Announces Closing of $1.46 Million Non-brokered Private Placement"},"content":{"rendered":"\n
Vancouver, BC \u2014 November 10, 2022 \u2014 Telescope Innovations Corp. (\u201cTelescope<\/strong>\u201d or the \u201cCompany<\/strong>\u201d) (CSE: TELI; OTCQB: TELIF), a leading developer of advanced technologies and services for the global pharmaceutical and chemical industries, is pleased to announce that it has closed a non-brokered private placement (the \u201cOffering<\/strong>\u201d). <\/p>\n\n\n\n Upon closing of the Offering, the Company issued a total of 4,879,499 units (\u201cUnits<\/strong>\u201d) at a price of $0.30 per Unit for aggregate gross proceeds of $1,463,849. Each Unit consists of one common share of the Issuer (each, a \u201cShare<\/strong>\u201d) and one-half-of-one common share purchase warrant (each whole warrant, a \u201cWarrant<\/strong>\u201d). Each Warrant entitles the holder thereof to purchase one additional common share (each, a \u201cWarrant Share<\/strong>\u201d) of the Issuer at a price of $0.75 per Warrant Share until November 10, 2024, subject to accelerated expiry at the option of the Company in the event the closing price of the Shares on the Canadian Securities Exchange is $1.00 or more for ten consecutive trading days. <\/em>The Units were offered pursuant to exemptions from the registration and prospectus requirements of applicable securities legislation.<\/p>\n\n\n\n Telescope intends to use the net proceeds from the Offering for working capital and general corporate purposes. The securities issued by the Company under the Offering are subject to restrictions on resale in accordance with applicable securities laws. These restrictions will expire on March 11, 2023. No finders\u2019 fees or commissions were paid by the Company in connection with completion of the Offering.<\/p>\n\n\n\n Insiders of the Company subscribed for an aggregate of 1,160,332 Units. The issuances of Units to insiders pursuant to the Offering are considered related party transactions within the meaning of Multilateral Instrument 61-101 \u2013 Protection of Minority Security Holders in Special Transactions<\/em> (\u201cMI 61-101<\/strong>\u201d). The Company relied on exemptions from the formal valuation and minority approval requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of insider participation as, at the time the transaction was agreed to, neither the fair market value of, nor the fair market value of the consideration for, the transaction, insofar as it involves interested parties, exceeded 25% of the Company\u2019s market capitalization.<\/p>\n\n\n\n Jason Hein, CEO states, \u201cWe thank our new and existing shareholders for participating in this round, and we are especially grateful to New Age Ventures for providing this round\u2019s lead order. This support will help Telescope to continue delivering on its strategic mission. Having engaged with Pfizer, Hatch, Standard Lithium, and Natural Resources Canada, we\u2019re excited to expand the deployment of our products and services across the chemical and pharmaceutical industries.\u201d <\/em><\/p>\n\n\n\n About Telescope<\/strong><\/p>\n\n\n\n Telescope is a chemical technology company developing scalable manufacturing processes and tools for the pharmaceutical and chemical industry. The Company builds and deploys new enabling technologies including flexible robotic platforms and artificial intelligence software that improves experimental throughput, efficiency, and data quality. Telescope also applies these toolsets to resolve inefficiencies in industrial process chemistry and manufacturing. Our aim is to bring modern chemical solutions to meet the most serious challenges in health and sustainability. <\/p>\n\n\n\n On behalf of the Board,<\/p>\n\n\n\n Telescope Innovations Corp.<\/strong><\/p>\n\n\n\n