BioNxt Solutions Announces Engagement Of Canaccord For Early Warrant Exercise Program

Rhea-AI Summary

BioNxt Solutions Inc. (CSE:BNXT)(OTCQB:BNXTF) has announced an agreement with Canaccord Genuity Corp. for an Early Warrant Exercise Program aimed at facilitating the exercise of up to 5,000,000 common share purchase warrants, initially issued in August and September 2022. This initiative, effective from January 24 to March 15, 2023, will compensate Canaccord with a 5% cash fee on proceeds and compensation warrants for 5% of exercised warrants. Canaccord has already earned 156,350 compensation warrants as a result of 3,127,000 warrants exercised. BioNxt focuses on next-generation drug formulations and diagnostic tests, operating primarily in Europe.

Positive

• Engagement of Canaccord to facilitate the exercise of warrants, which may enhance liquidity and shareholder value.
• Potential for raised capital through Early Warrant Exercise Program, supporting future business initiatives.

Negative

• Dependence on the successful completion of the Early Warrant Exercise Program, which carries risks if market conditions fluctuate.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC / ACCESSWIRE / March 2, 2023 / BioNxt Solutions Inc. ("BioNxt" or the "Company") (CSE:BNXT)(OTCQB:BNXTF)(FSE:4XT), is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. ("Canaccord") to assist in the exercise of up to 5,000,000 common share purchase warrants (the "Warrants") issued by the Company on August 2, 2022, August 30, 2022, and September 2, 2022, on a commercially reasonable best-efforts basis (the "Early Warrant Exercise Program"). The term of Canaccord's services will run from January 24, 2023 to March 15, 2023.

Canaccord will be compensated with a cash fee equal to 5% of the total gross proceeds raised from the exercise of the Warrants and further, will be issued compensation warrants exercisable at $0.55 or such greater price as is required by the policies of the Canadian Securities Exchange into one common share for a period of two years from the date of issuance (the "Compensation Warrants"). Compensation Warrants shall only be exercisable for such number of common shares in the capital of the Company as equals 5% of the total number of Warrants exercised under the Early Warrant Exercise Program. As of the date hereof, Canaccord has earned and been issued 156,350 Compensation Warrants in connection with the exercise of 3,127,000 Warrants which are exercisable at $0.58 until March 2, 2025.

About BioNxt Science Inc.

BioNxt Solutions Inc. is a bioscience accelerator focused on next-generation drug formulations and delivery systems, diagnostic screening tests, and new active pharmaceutical production and evaluation, including: precision transdermal and oral dissolvable drug formulations; rapid, low-cost infectious disease and oral health screening tests; and standardization and clinical evaluation of emerging active pharmaceutical ingredients for neurological applications. The Company has research and development operations in North America and Europe, with an operational focus in Germany, and is currently focused on regulatory approval and commercialization of medical products for European markets.

BioNxt Solutions Inc.

Hugh Rogers, CEO and Director
Email: info@bionxt.com
Phone: +1 780-818-6422

This news release includes certain statements that may be deemed "forward-looking statements." All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential," and similar expressions, or that events or conditions "will," "would," "may," "could," or "should" occur. Forward-looking statements in this news release include completion of the Early Warrant Exercise Program on the terms contemplated or at all, and any future payment of commission to Canaccord. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE: BioNxt Solutions Inc.

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https://www.accesswire.com/741754/BioNxt-Solutions-Announces-Engagement-Of-Canaccord-For-Early-Warrant-Exercise-Program

FAQ

What is the Early Warrant Exercise Program by BioNxt Solutions Inc. (BNXTF)?

The Early Warrant Exercise Program allows for the exercise of up to 5 million common share purchase warrants, with Canaccord assisting in the process.

When is the term of Canaccord's engagement for the Early Warrant Exercise Program?

Canaccord's engagement runs from January 24, 2023, to March 15, 2023.

What compensation does Canaccord receive for their services in the Early Warrant Exercise Program?

Canaccord will receive a 5% cash fee on total gross proceeds and compensation warrants equal to 5% of the warrants exercised.

What is the significance of the warrants exercise for BioNxt Solutions (BNXTF)?

The warrant exercise can provide capital to the company, potentially enhancing its liquidity and supporting business operations.