Genix Pharmaceuticals Closes Private Placement

Core Viewpoint - Genix Pharmaceuticals Corporation has successfully closed a non-brokered private placement, raising gross proceeds of $100,000 through the issuance of 2,000,000 units at a price of $0.10 per unit [1][2]. Group 1: Private Placement Details - The private placement consists of 2,000,000 units, each unit comprising one common share and one transferable common share purchase warrant [2]. - Each warrant allows the holder to acquire an additional share at a price of $0.10 for a period of two years, expiring on September 04, 2027 [2]. - The proceeds from the private placement will be utilized for general working capital and potential funding for new products [3]. Group 2: Insider Participation - The private placement was subscribed to by two insiders, the President and CEO, who collectively acquired all 2,000,000 units for $100,000 [5]. - This insider participation is classified as a "related party transaction" under Multilateral Instrument 61-101, allowing the company to be exempt from formal valuation and minority shareholder approval requirements [5]. Group 3: Regulatory and Legal Considerations - All securities issued will be subject to a hold period of four months and one day from the issuance date [4]. - The offering remains contingent upon receiving all necessary regulatory approvals, including from the TSX Venture Exchange [4]. - The offered securities will not be registered under the U.S. Securities Act and cannot be sold within the United States or to U.S. persons, except in certain exempt transactions [6]. Group 4: Company Overview - Genix Pharmaceuticals Corporation is a Canadian ophthalmic drug company focused on the research, development, manufacture, licensing, and sales of innovative ophthalmological products [7]. - The company aims to meet the increasing global demand for advanced eye-care solutions that enhance health and quality of life [7].