Sixth Wave Closes Financing
Halifax, Nova Scotia – (September 21, 2020) – Sixth Wave Innovations Inc. (CSE:SIXW) (OTCQB:ATURF) (FSE:AHUH) (“Sixth Wave” or the “Company”) is pleased to announce that it has closed a second tranche of its previously announced non-brokered private placement (the “Financing”) of equity units (“Units”) in the aggregate amount of $1,150,100.
Pursuant to the closing of the Financing, the Company issued 3,833,667 Units at a price of $0.30 per Unit. Each Unit consists of one common share (a “Common Share”) and one Common Share purchase warrant (a “Warrant”), with each Warrant giving the holder the right to purchase one additional Common Share at an exercise price of $0.50 for a period of 24 months. The Company paid finders fees in the amount of $44,037.00 and issued a total of 146,790 finder’s warrants in connection with the closing of the Financing. The finder’s warrants give the holder the right to purchase one Common Share at an exercise price of $0.30 per share for a period of 24 months after closing.
The issuance of the Units was completed on a private placement and prospectus exempt basis, as applicable, such that the issuances are exempt from any applicable prospectus and securities registration requirements.
Pursuant to National Instrument 45-102 – Resale of Securities, all of the Units (and the underlying Common Shares to be issued upon exercise of the Warrants) issued pursuant to the Financing are subject to a four-month hold period. Additional hold periods and/or trading or resale restrictions may also apply in the United States.
The Company intends to use the net proceeds of the Financing for the deployment of its Affinity™ cannabis purification units, as well as research into its AMIPs™ virus detection technology.
The closing of the Financing, as well as the issuance of the Units pursuant thereto, are subject to the final acceptance of the CSE. At its discretion, the Company may complete additional tranches of the Financing in the near future. The Company will make further announcements on the closing of any such additional tranches, if applicable.
About Sixth Wave
Sixth Wave is a nanotechnology company with patented technologies that focus on extraction and detection of target substances at the molecular level using highly specialized Molecularly Imprinted Polymers (MIPs). The Company is in the process of commercializing its Affinity™ cannabinoid purification system, as well as, IXOS®, a line of extraction polymers for the gold mining industry.
Sixth Wave can design, develop and commercialize MIP solutions across a broad spectrum of industries. The company is focused on nanotechnology architectures that are highly relevant for detection and separation of viruses, biogenic amines and other pathogens, for which the Company has products at various stages of development.
For more information about Sixth Wave, please visit our website at: www.sixthwave.com
ON BEHALF OF THE BOARD OF DIRECTORS
Jonathan Gluckman, Ph.D., President & CEO
For information, please contact the Company:
Phone: (801) 582-0559
This press release includes certain statements that may be deemed “forward-looking statements” including statements regarding the completion and timing of any additional tranches of the Financings, the planned use of net proceeds of the Financings and the performance of the AMIPs™ and Affinity™ technologies. All statements in this release, other than statements of historical facts, that address future events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual events or developments may differ materially from those in forward-looking statements. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. In particular, successful development and commercialization of the AMIPs™ technology are subject the risk that the AMIPs™ technology may not prove to be successful in detecting virus targets effectively or at all, uncertainty of medical product development, uncertainty of timing or availability of required regulatory approvals, lack of track record of developing products for medical applications and the need for additional capital to carry out product development activities. The value of any products ultimately developed could be negatively impacted if the patent is not granted. The Company has not yet completed development of a prototype for the product that is subject of its patent application and has not yet applied for regulatory approval for the use of this product from any regulatory agency.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.