Novoheart is pleased to announce that it has completed its previously announced acquisition of all of the shares of Xellera Therapeutics Limited. As consideration for the Acquisition, Novoheart has issued an aggregate of 93,000,000 common shares (“Novoheart Shares”) and pre-paid common share purchase warrants (“Pre-paid Warrants”) at a deemed price of $0.3635 per share, for an aggregate consideration of $33,805,000.
In connection with the Acquisition, Novoheart has also added Dr. Katherine Ngan and Mr. Roger Ngan, two of the founders of XT, to its board of directors. Detailed biographies for the new directors, as well as additional information regarding the Acquisition and XT, are included in the Company’s management information circular dated May 27, 2019 and available under the Company’s profile on SEDAR at www.sedar.com.
All of the Novoheart Shares and Pre-paid Warrants issued in connection with the Acquisition are subject to a hold period of four months and one day, expiring October 29, 2019. No finder’s fee was paid in connection with the Acquisition.
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