BELGRADE, Mont.--(BUSINESS WIRE)--Lattice Biologics Ltd. (TSX-V: LBL) (OTCQB: LBLTF) (“Lattice Biologics” or the “Company”) is pleased to announce that it has completed the debt-to-equity conversion announced on March 20, 2017 (the “Transaction”).
Pursuant to the Transaction, the Company has issued 491,363 common shares (“Shares”) and 491,363 warrants to a service provider as consideration for the elimination of Can$93,359.00 of debt. The debt was converted to equity at a conversion price of Can$0.19.
Lattice also announces that it has obtained TSX Venture Exchange (“TSXV”) approval to issue 98,885 Shares of the Company to an individual as compensation for certain services rendered to the Company during May of 2017.
The Shares will be issued pursuant to the terms of the Shares for Services Agreement (announced August 8, 2016) at a deemed price of Can$0.12. The number of Shares was determined by using the volume weighted average price of the Company’s common shares on the TSXV for the five business days prior to submission to the TSXV for approval of the issuance.
The Shares will be subject to a four-month resale restriction.
About Lattice Biologics Ltd.:
Lattice Biologics Ltd. is an emerging precision medicine leader in the field of cellular therapies and tissue engineering, with an emphasis on bone, skin, and cartilage regeneration. As a manufacturer of the highest quality allografts, Lattice is focused on next generation products to improve surgical outcomes.
Lattice Biologics operates headquarters, laboratory and manufacturing facilities in Belgrade, Montana, as well as offices in Toronto, Ontario. The Company maintains all necessary licensures to process and sell its tissue engineered products within the U.S. and internationally. This includes Certificates to Foreign Governments from the U.S. Food and Drug Administration (FDA) and registrations for 29 countries, which allow the export of bone, tendon, meniscus, ligament, soft tissue, and cartilage products outside of the U.S.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.