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Renaissance BioScience Corp. Closes Balance of $5 million Convertible Debenture

Strategic Industry Investor Subscribes for $3.265 million Outstanding Balance of $5 million Convertible Debenture

 

Vancouver, Canada — November 1, 2021 — Renaissance BioScience Corp. (“Renaissance”), a leading global bioengineering company, is pleased to announce that the $3.265 million balance of its $5 million convertible debenture unit offering (“Debenture”) has been fully subscribed by a strategic industry investor and the debenture offering is now closed. 

 

The Debenture matures on June 30, 2023 and is redeemable at maturity or convertible to common shares at any time prior to maturity, at the election of the Debenture subscriber. Each Debenture unit is comprised of one 12% convertible debenture with a principal amount of $1,000 and 500 common share purchase warrants. Each warrant will entitle the holder thereof to acquire one common share of Renaissance at a price of $1.50 per common share until the date which is 12 months after the first day Renaissance common shares are listed for trading on a recognized stock exchange. The convertible debenture is convertible to common shares of Renaissance at $1.25 per common share until June 30, 2022 and at $1.50 per common share during the period from July 1, 2022 until maturity on June 30, 2023. 

 

The net proceeds from this Debenture closing of $2.612 million, after contractually required segregated interest payments, will be used to advance the proprietary Renaissance RNA production and delivery platform technology, to continue to build the Renaissance research and development team and executive team, to fund the costs of fulfilling our mandate to publicly list Renaissance common shares for trading, and for general corporate purposes. 

 


About Renaissance BioScience Corp.

 

Based in Vancouver, Canada, Renaissance is an Environmental Impact company whose bioengineering platform technologies develop innovative, market-ready, functional microorganisms that provide solutions to a broad range of health, environmental and industrial problems. Detailed information about the Renaissance group of companies is available at www.renaissancebioscience.com.

 

For more information please contact Maurice Boucher, Renaissance Executive Chair, by email: mboucher@renaissancebioscience.com

 


Caution Regarding Forward-Looking Statements 

 

This press release may include forward-looking statements with respect to the Company based on management’s opinions, estimates and assumptions considering its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management currently believes are appropriate and reasonable in the circumstances. Generally, forward-looking statements can be identified using terminology such as “anticipate”, “will”, “expect”, “may”, “continue”, “could”, “estimate”, “forecast”, “plan”, “potential” and similar expressions. The forward-looking statements contained in this press release are made as of the date hereof. 

 

Forward-looking statements contained in this press release may include, but are not limited to: statements with respect to the successful execution of the Company's business and investment strategy (including its business model), the Company’s intellectual property, entrance of the Company’s business into new markets, the use and benefits of its products and services, the Company’s favourable position in the market on a go-forward basis, demographic and market size/trends, forecasts of revenue and financial projections/growth potential, competitive analysis, projected milestones, go-forward management, go-forward capitalization, anticipated governmental and regulatory approvals and other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance, review and approval dates, start-up timelines and schedules and statements related to the continued overall advancement of the Company’s business. 

 

By their nature, forward-looking statements are subject to a variety of factors that could cause actual results to differ materially from the results suggested by the forward-looking statements. In addition, the forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. There is significant risk that the forward-looking statements will not prove to be accurate, that the Company’s assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements. 

 

Except as required by law, the Company undertakes no obligation to update publicly or to revise any forward-looking statements that are contained or incorporated in this press release. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

 

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For further media information or to arrange interviews, contact: 

Steve Campbell

Campbell & Company Strategies Inc.

Communications and Public Relations

Vancouver, BC, Canada

01 604 888-5267

renaissance@ccom-pr.com

 

For commercial or technology development inquiries, contact:

Dr. John Husnik, CEO

Renaissance BioScience Corp.

Vancouver, BC, Canada

01 604 822-6499

jihusnik@renaissancebioscience.com

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