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VANCOUVER, BC / ACCESSWIRE / December 5, 2022 / BioNxt Solutions Inc. ("BioNxt" or the "Company") (CSE:BNXT)(OTCQB:XPHYF)(FSE:4XT), in connection with the Company's news release dated November 29, 2022 regarding a non-brokered private placement of debentures (the "Offering"), is pleased to announce that it is increasing the size of the Offering to $2,808,000 from $2,600,000. The Company further clarifies the terms of the debentures (the "Debentures") - the principal amount of the Debentures will be convertible into units of the Company (the "Units"), consisting of one common share and one half of one common share purchase warrant (each whole warrant, a "Warrant") at a price of $0.52 per Unit for a period of 2 years. There is no minimum conversion amount that a holder must convert, and conversions can occur in whole or in part, provided that no fractional shares will be issued. All other terms are as described in the Company's news release dated November 29, 2022.
The Company anticipates issuing up to 432,000 compensation warrants (the "Finders Warrants") exercisable into one common share in the capital of the Company each at $0.52 per Finders Warrant, to eligible finders who introduce subscribers for the Offering to the Company, in addition to paying a finder's fee in cash of up to 8% of the subscriptions so introduced. All Finders Warrants will be subject to a hold period of four months and one day from the date of issuance.
This news release does not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Debentures and the Shares which may be issued on exercise thereof have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
About BioNxt Solutions Inc.
BioNxt Solutions Inc. is a bioscience accelerator focused on next-generation drug formulations and delivery systems, diagnostic screening tests, and new active pharmaceutical production and evaluation, including: precision transdermal and oral dissolvable drug formulations; rapid, low-cost infectious disease and oral health screening tests; and standardization and clinical evaluation of emerging active pharmaceutical ingredients for neurological applications. The Company has research and development operations in North America and Europe, with an operational focus in Germany, and is currently focused on regulatory approval and commercialization of medical products for European markets.
BioNxt Solutions Inc.
Hugh Rogers, CEO and Director
Email: info@bionxt.com
Phone: +1 780-818-6422
Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
SOURCE: BioNxt Solutions Inc.
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