Toronto, Ontario–(Newsfile Corp. – February 5, 2024) – Awakn Life Sciences Corp. (CBOE: AWKN) (OTCQB: AWKNF) (FSE: 954) (“Awakn”), a clinical-stage biotechnology company developing medication-assisted treatments for addiction with a near-term focus on Alcohol Use Disorder (“AUD”), is pleased to announce, further to its press release dated November 10, 2023, that it has made an application and received conditional approval to list its common shares on the Canadian Securities Exchange (the “CSE”) subject to fulfilling customary CSE requirements. The Company intends to delist its common shares from Cboe Canada and is working to ensure that trading of its common shares on the CSE will commence immediately following such delisting, with an effective date to be disclosed in due course. The Company’s trading symbol “AWKN” will remain the same.
Management is of the view that listing the common shares on the CSE will provide the Company continued liquidity for its shareholders and it will allow the Company to continue to reduce expenses due to the CSE’s lower operating costs.
Financing:
On April 26th, 2023, Awakn announced a non-brokered private placement financing for gross proceeds of up to $3,000,000, which was upsized to $4,000,000 on June 15, 2023 at a price of CAD$0.46 per unit (the “Offering”). Each unit is comprised of one common share in the capital of the Company (each, a “Common Share”) and three quarters (0.75) of one whole Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.63 per Common Share for a period of five (5) years from the date of issuance. Gross proceeds from the Offering will be used to fund the company’s general working capital.
Today, Awakn has closed the fifth tranche of the Offering, issuing 142,857 Units for gross proceeds of $65,714 for this tranche and $3,030,377 in total for the Offering to date.
Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of Cboe. All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons as defined under applicable United States securities laws unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Awakn Life Sciences Corp.
Awakn Life Sciences Corp. is a clinical-stage biotechnology company developing medication-assisted treatments for addiction. Awakn has a near-term focus on Alcohol Use Disorder (AUD), a condition affecting approximately 51 million people in the US and key European markets and 285 million people globally for which the current standard of care is inadequate. Our goal is to provide breakthrough therapeutics to addiction sufferers in desperate need and our strategy is focused on commercializing our R&D pipeline across multiple channels.