Inolife Technologies Announces Non-Brokered Private Placement
Irvine, CA – June 7, 2017 – Inolife Technologies Inc. (OTC:INOL)
(“Inolife” or the “Company”), a specialty biopharmaceutical company and emerging leader in needle-free injection devices,
announced today that it is proceeding with a non-brokered private placement of unsecured convertible promissory notes the “Notes”), for gross proceeds of up to USD$3 million (the “Private Placement”).
The Notes will bear interest at a rate of 8%, payable annually in arrears, are non-transferable and have a term of 12 months from the date of issue. Principal under the Notes will be convertible by lenders into, and payable by the Company in, common shares of the Company at a conversion price of USD$1.00 per common share. Accrued but unpaid interest on the Notes will be convertible by lender into, and payable by the Company in, common shares at a price per common share equal to the most recent closing price of the Company's common shares prior to the delivery to the Company of a request to convert interest, or the annual due date of interest, as applicable.
The closing of the Private Placement is expected to take place on or about June 30, 2017.
“This fundraising is intended to bridge our financial requirements and enable us to immediately launch our sales and marketing efforts for our Inojex30 needle free injector for insulin and other drugs,” said Mr. Michael Wright, CEO of Inolife. “The early interest in our products from distributors and end-users has been overwhelming, and we are eager to begin fulfilling pending purchase orders.”
As previously reported, Inolife has engaged Maxim Group LLC ("Maxim Group"), a leading fullservice investment banking, securities and wealth management firm headquartered in New York,
to provide it with strategic corporate planning and investment banking services. Pursuant to Financial Industry Regulatory Authority (“FINRA”) regulations, and specifically as FINRA’s rules
pertain to compensation and ownership, Maxim Group, which is a significant shareholder of the Company, will not serve as a placement agent for this offering.
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