April 16th, 2019 – Vancouver, British Columbia – BioMark Diagnostics Inc. (“BioMark” or the “Company”) (CSE: BUX) (FSE: 20B) (OTCMKTS: BMKDF) is pleased to announce that further to its press release of April 9th, 2019, it has closed the non-brokered private placement for gross proceeds of $200,000.00 wherein BioMark issued 2,000,000 units at a price of $ 0.10 per unit.
Each unit consists of one common share of BioMark and one share purchase warrant. One whole share purchase warrant will entitle the holder thereof to purchase one common share of BioMark at $0.20 per share for a period of two years from the closing date of the private placement, subject to an acceleration clause. No Finders’ fees were payable on the private placement.
The proceeds of the private placement will be used for necessary regulatory submission activities, sourcing clinical samples and general working capital. The securities issued under the private placement will be subject to a hold period of four months and one day.
Certain Insiders, Directors and Officers subscribed for a portion of this placement. Participation of the insiders of the Company in the private placement constitutes a related party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). Because the Company’s shares trade only on the CSE, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101. The Company did not file a material change report 21 day prior to the closing of the private placement as the details of the participation of insiders of the Company had not been confirmed at that time.