VANCOUVER, BC – January 28, 2020 – Izotropic Corporation (“Izotropic” or the “Company”) (CSE: IZO) (OTC US: IZOZF) (FRA: 1R3) announces today a warrant exercise incentive program (the “Program”) intended to encourage the exercise of up to 7,000,000 outstanding common share purchase warrants (collectively, the “Eligible Warrants”) of the Company with expiry dates as follows:
|Exercise Price||Grant Date||Expiry Date|
|$0.20||October 12, 2017||May 31, 2020|
|$0.20||October 31, 2017||May 31, 2020|
Pursuant to the Program, the Company is offering an inducement to each holder of Eligible Warrants (collectively, the “Warrant Holders”) that exercises Eligible Warrants during an early exercise period (the “Early Exercise Period”), being:
- one additional common share purchase warrant (each an “Incentive Warrant”), with each Incentive Warrant entitling the Warrant Holder to purchase one additional common share (each, a “Share”) until 5:00 p.m. (Vancouver time) on such date as is two years from the date of issuance of the Incentive Warrant at a price of $0.20 per Share.
The Early Exercise Period will commence on January 28, 2020, at 9.00 a.m. (Vancouver time) and expire on February 7, 2020 at 5:00 p.m. (Vancouver time). Eligible Warrants that remain unexercised following the completion of the Early Exercise Period will continue to be exercisable for Shares on the original terms as they existed prior to the Program.
Proceeds received by the Company from the exercise of Eligible Warrants under the Program will be used for general working capital purposes.
Only Warrant Holders who are “accredited investors” under applicable Canadian securities laws or who provide satisfactory evidence that they meet the requirements of an alternative exemption from the prospectus requirements of applicable Canadian securities laws may participate in the Program. U.S. holders of the Eligible Warrants are not eligible to participate in the Program.
The Incentive Warrants will be subject to a four month hold period from the date of the Incentive Warrant issuance pursuant to applicable Canadian securities laws. No fractional Incentive Warrants will be issued and the number of Incentive Warrants to be issued shall be rounded down to the nearest whole number.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein to, or for the account or benefit of, persons in the United States or U.S. persons (“U.S. Persons”), as such term is defined in Regulation S under the United States Securities Act of 1933, as amended (the “1933 Act”). The securities described herein have not been and will not be registered under the 1933 Act or any state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or U.S. Persons unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
ON BEHALF OF THE BOARD
Chief Executive Officer, Director
For further information, please contact:
About Izotropic Corp.
Izotropic Corporation (the Company) and its wholly owned U.S. operating subsidiary, Izotropic Imaging Corp. have been established to commercialize the next generation of breast imaging technology for early diagnosis of breast cancer. The Izotropic Breast CT Imaging System produces high resolution breast images in 3D. A single 10 second breast CT scan acquires approximately 500 images, without painful breast compression, providing radiologists with fully 3D viewing of the scanned breast. Mammography scanning requires compression of the breast between 2 imaging plates, resulting in 2D images.
The Company has the exclusive license from the University of California, Davis (UC Davis) to commercialize the technology developed by principal founder and Company director Dr. John M. Boone and researchers at UC Davis. The license includes all intellectual property, trade secrets, patents and patent-pending applications that are the foundation of the Company’s breast CT imaging platform.
Approximately $20 million in research funding and over 15 years of research and development have been invested in developing this groundbreaking breast CT imaging technology. Research includes a current, fully funded $2.9M U.S. clinical trial at UC Davis Medical Center.
The Company founders believe that this technology will be a disruptive entry to the market, overcoming many of the challenges faced by existing breast imaging modalities.