Vancouver, British Columbia--(Newsfile Corp. - September 4, 2025) - Genix Pharmaceuticals Corporation (TSXV: GENX) ("GENIX" or the "Company") announces that it has closed its previously announced non-brokered private placement raising gross proceeds of $100,000.
The Company has issued 2,000,000 units (each a "Unit") at a price of $0.10 per Unit. Each Unit consists of one common share of the Company (a "Share") and one transferable common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire one additional Share at a price of $0.10 per Share for a period of two (2) years from the date of closing, expiring on September 04, 2027 (the "Expiry Date").
The private placement was subscribed to by two insiders of the Company, being the President and Chief Executive Officer.
The proceeds raised from the sale of the Units will be used for general working capital and potential funding for new products.
All securities issued and sold under the Offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the Offering remains subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
Mr. Mahmoud S. Aziz, President & director and Mr. Sina Pirooz, CEO & director participated in the private placement and acquired an aggregate of 2,000,000 units for $100,000. The participation by the Insiders in the private placement is considered a "related party transaction" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company expects that it will be exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the Insiders' participation in the private placement in reliance of sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that participation in the Offering by the Insiders will not exceed 25% of the fair market value of the Company's market capitalization.
The offered securities 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 within the United States or to or for the account or benefit of U.S. persons, except in certain transactions exempt 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, securities of the Company in the United States.
About Genix
Genix Pharmaceuticals Corporation is a highly innovative Canadian ophthalmic drug company focused on the research, development, manufacture, licensing and sales of novel and innovative prescription and over-the-counter ophthalmological products. The Company is committed to addressing the growing global demand for advanced eye-care solutions that improve health and quality of life.
On Behalf of the Board of Directors,
Mr. Mahmoud S. Aziz, President, Director
Genix Pharmaceuticals Corporation
www.genixpharm.com
For more information regarding Genix Pharmaceuticals Corporation, please contact:
Kevin Bottomley, Director
Tel: +1.604.609.6199
kbottomley@genixpharm.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/265168
SOURCE: Genix Pharmaceuticals Corp.
