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Britannia ) and RISE Life Science Corp. (CSE: RLSC) (
RISE ) are pleased to announce that Britannia, RISE and 2830026 Ontario Inc. (
RISE Subco ), a wholly-owned subsidiary of RISE, have entered into a business combination agreement dated April 30, 2021 (the
Definitive Agreement ) in respect of their previously-announced transaction. Completion of this transaction will result in a reverse takeover of RISE (the
RTO ) and will constitute a fundamental change of RISE pursuant to the policies of the Canadian Securities Exchange (the
CSE ). In this news release, references to the
Resulting Issuer are to RISE following the closing of the RTO.
Peter Shippen, Chief Executive Officer of Britannia, stated:
RISE Life Science Corp. Announces Closing of Non-Brokered Financing
RISE or the
Company ) announces that it has closed the final tranche of its previously announced non-brokered private placement offering of subscription receipts for gross proceeds of USD$621,000 through this issuance of 621 subscription receipts (the
Subscription Receipts ) at a price of USD$1,000 per Subscription Receipt (the
Offering ).
The gross proceeds of the Offering (the
Escrowed Proceeds ) are being held in escrow on behalf of the subscribers of the Subscription Receipts by an escrow agent, (the
Escrow Agent ), pursuant to the terms of a subscription receipt agreement (the
Subscription Receipt Agreement ) dated March 4, 2021 between the Company and the Escrow Agent. Each Subscription Receipt will be automatically converted, without payment of any additional consideration and without further action on the part of the holder thereof, into units (the