Vancouver, British Columbia, July 20, 2022 – Genix Pharmaceuticals Corporation (TSX-V: GENX; OTCQB: GENPF) (“GENIX” or the “Company”) announces that the Company has made an application to the TSX Venture Exchange (the “Exchange”) to amend and extend the expiry date of 3,354,945 previously issued and outstanding warrants (the “Warrants”) by eighteen (18) months.
• 2,136,612 warrants which are set to expire on July 24, 2022 will be extended to January 24, 2024. These Warrants were originally issued on July 24, 2020 as part of the units issued under a private placement completed by the Company in July 2020.
• 1,218,333 warrants which are set to expire on August 13, 2022 will be extended to February 13, 2023. These Warrants were originally issued on August 13, 2020 as part of the units issued under a private placement completed by the Company in August 2020.
• There are 91,000 broker warrants that are not being extended as per TSX Venture policy guidelines.
• The Warrants are also subject to an accelerator (see text below).
The exercise price of each Warrant is $0.30 and is subject to an accelerated expiry if the closing trading price of the Company’s shares is greater than $0.50 per share for a period of 10 consecutive trading days (the “Acceleration Event”) on the TSX Venture Exchange. The Company will deliver a notice (the “Notice) to the Warrant holders of the Acceleration Event and the Warrant will expire 30 days thereafter. The requested amendment and extension is subject to approval from the Exchange.
Genix Pharmaceuticals Corporation is a novel and generic ophthalmic drugs company. The Company is focused on the research, development, manufacture, licencing and sales of novel and innovative healthcare products. In particular, these products include evidence-based, proprietary over-the-counter (“OTC”) nutraceuticals, and other single molecule generic drugs that have been shown to deliver consistent and verifiable results in various therapeutic areas.
The Company will market and sell its portfolio of novel and generic ophthalmic drugs in Canada and globally and its nutraceutical products in North America and other select countries. Genix continues to conduct its scientific R&D of new, innovative products to support the health needs of mainstream consumers.
On Behalf of the Board of Directors,
Mr. Mahmoud Aziz, President, Director
Genix Pharmaceuticals Corporation
For more information regarding Genix Pharmaceuticals Corporation, please contact:
Kevin Bottomley, Director
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.