Genix Pharmaceuticals Issues Clarification to Previously Announced Private Placement Terms

Rhea-AI Summary

Genix Pharmaceuticals (GENPF) corrected terms for a recently closed non‑brokered private placement announced earlier. The Company clarified the Unit issue price was $0.05 per Unit (not $0.10). The Company issued 2,000,000 Units at $0.05 for total gross proceeds of $100,000. Each Unit includes one common share and one transferable warrant. Each warrant permits purchase of one additional share at $0.10 per share and expires on September 4, 2027. All other private placement terms remain unchanged.

Positive

• Raised $100,000 gross proceeds from the placement
• Issued 2,000,000 Units to support near‑term financing needs
• Warrants provide potential additional cash if exercised at $0.10

Negative

• Immediate issuance of 2,000,000 new shares at $0.05
• Potential dilution from up to 2,000,000 warrant shares at $0.10

Vancouver, British Columbia--(Newsfile Corp. - October 7, 2025) - Genix Pharmaceuticals Corporation (TSXV: GENX) ("GENIX" or the "Company") wishes to clarify an error in its news release dated September 04, 2025, regarding the Company's recently closed non-brokered private placement.

The previous release incorrectly stated that the Units were issued at a price of $0.10 per Unit. The correct issue price was $0.05 per Unit.

Accordingly, the Company issued 2,000,000 units (each, a "Unit") at a price of $0.05 per Unit, for total gross proceeds of $100,000. Each Unit consists of one common share of the Company (a "Share") and one transferable common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire one additional Share at a price of $0.10 per Share for a period of two (2) years from the date of closing, expiring on September 4, 2027 (the "Expiry Date").

All other terms of the private placement remain unchanged.

About Genix

Genix Pharmaceuticals Corporation is a highly innovative Canadian ophthalmic drugs company. The Company focusses on the research, development, manufacture, licensing and sales of novel and innovative prescription and OTC ophthalmological products which meet the growing needs of consumers worldwide and especially the aging baby boomers. The Company has several products awaiting Health Canada approval.

On Behalf of the Board of Directors,

Mr. Mahmoud S. Aziz, President, Director
Genix Pharmaceuticals Corporation
www.genixpharm.com

For more information regarding Genix Pharmaceuticals Corporation, please contact:

Kevin Bottomley, Director
Tel: +1.604.609.6199
kbottomley@genixpharm.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward‐looking statements". Forward‐looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/269553

FAQ

What correction did Genix Pharmaceuticals (GENPF) announce on October 7, 2025?

Genix clarified the Unit issue price was $0.05 per Unit, not $0.10.

How many Units did GENPF issue and what were the total gross proceeds?

GENPF issued 2,000,000 Units for total gross proceeds of $100,000.

What does each Unit in the GENPF private placement include?

Each Unit includes one common share and one transferable warrant to buy one share.

What are the terms of the warrants issued by GENPF?

Each warrant is exercisable at $0.10 per share and expires on September 4, 2027.

Will the corrected GENPF unit price change any other placement terms?

No, all other terms of the private placement remain unchanged.