Khiron Raises $12.9 Million to Expand Colombia Medical Cannabis Operations

TORONTO, Sept. 12, 2018 /CNW/ – Khiron Life Sciences Corp. (“Khiron” or the “Company”) (TSXV:KHRN, OTCQB:KHRNF), a Canadian integrated medical cannabis company with its core operations in Colombia, is pleased to announce that it has closed today its previously announced best efforts short form prospectus offering of common shares (“Common Shares”), including the exercise in full of the over-allotment option (the “Offering”).

A total of 14,375,000 Common Shares were sold at a price of $0.90 per Common Share (the “Issue Price”) for aggregate gross proceeds of $12,937,500 (including the exercise in full of the over-allotment option). The Offering was completed by a syndicate of agents led by Canaccord Genuity Corp., and including GMP Securities L.P., Sprott Private Wealth LP, and Cormark Securities Inc. (together, the “Agents”).

The net proceeds of the Offering are expected to be used by the Company to fund its facility expansion, equipment purchases, clinic construction, its cosmeceutical product line launch and general working capital purposes. The Offering is subject to TSX Venture Exchange (“TSXV”) final acceptance of requisite regulatory filings.

In consideration for their services, the Agents received a cash commission equal to 7% of the gross proceeds of the Offering and compensation options (each a “Compensation Option”) equal to 7% of the Common Shares sold pursuant to the Offering. Each Compensation Option is exercisable at the Issue Price into one Common Share for a period of 24 months from the date hereof.

The common shares subject to the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended, (the “U.S. Securities Act”) and may not be offered or sold in the United States absent registration under or an applicable exemption from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy the shares herein described, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

About Khiron Life Sciences Corp.

Khiron Life Sciences Corp. is positioned to be a leading integrated medical cannabis company in Latin America. The Company has core operations in Colombia and is fully licensed in the country for the cultivation, production, domestic distribution, and international export of both tetrahydrocannabinol (THC) and cannabidiol (CBD) medical cannabis. In May 2018, Khiron listed on the TSXV, becoming the first Colombian based medical cannabis company to trade on any exchange globally.

With a focused regional strategy and patient oriented approach, the Company combines global scientific expertise, agricultural advantages, branded product market entrance experience and education to drive prescription and brand loyalty to address priority medical conditions such as chronic pain, epilepsy, depression and anxiety in the Latin American market of over 620 million people. The Company is led by Co-founder and Chief Executive Officer, Alvaro Torres, together with an experienced executive team, and a knowledgeable Board of Directors that includes former President of Mexico, Vicente Fox.

Original press release

Khiron Raises $12.9 Million to Expand Colombia Medical Cannabis Operations