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VANCOUVER, BC – March 30, 2022 – Izotropic Corporation (“Izotropic” or the “Company”) (CSE: IZO) (OTCQB: IZOZF) (FSE: 1R3), a Company commercializing a dedicated breast CT (computed tomography) imaging platform, IzoView, for the more accurate detection and diagnosis of breast cancers announces is pleased to announce that it intends to complete a non-brokered private placement (the “Offering”) of unsecured promissory notes (each, a “Note”) pursuant to which the Company will issue: (i) Notes purchased for an aggregate price of up to $2,050,000 with the option for the Company to acquire an additional $2,000,000 subject to terms that will be determined at a later date, and (ii) a number of detachable share purchase warrants (each, a “Warrant”) for every $1,000 of principal of the Notes, to be determined at a later date.
Each Warrant will be exercisable into one common share in the capital of the Company (each, a “Warrant Share”) at an exercise price of $0.62 per Warrant Share for a period of two (2) years from the date of closing.
The Notes will mature on the date that is one year from the date of issuance (the “Maturity Date”). The Notes will either: (i) bear simple interest at 1% per month, from the date of issuance (the “Closing”), payable every three months; or (ii) be subject to an original issuance discount in lieu of interest. The final terms of the Notes are to be determined, subject to the policies of the Canadian Securities Exchange.
It is the intention of the Company that the proceeds from the Offering will be used for completing the initial IzoView device build, engaging a clinical research organization to undertake the clinical study for FDA market authorization, and working capital.
All securities issued in connection with the Offering will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities legislation. The Company does not intend to pay any finder’s fees in connection with the Offering. The Company does not anticipate that any insiders of the Company will participate in the Offering.
None of the securities issued in the Offering will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
ON BEHALF OF THE COMPANY
Dr. John McGraw, CEO
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About Izotropic Corporation
Izotropic Corporation is the only publicly-traded company commercializing a dedicated breast CT imaging platform, IzoView, for the more accurate detection and diagnosis of breast cancers. To expedite patient and provider access to IzoView, Izotropic's initial clinical study intends to demonstrate superior performance of diagnostic breast CT imaging over diagnostic mammography procedures and will initiate in Q2 2022. In follow-on clinical studies, Izotropic intends to validate platform applications, including breast screening in radiology, treatment planning and monitoring in surgical oncology, and breast reconstruction and implant monitoring in plastic and reconstructive surgery.
This document may contain statements that are "Forward-Looking Statements," which are based upon the current estimates, assumptions, projections, and expectations of the Company's management, business, and its knowledge of the relevant market and economic environment in which it operates. The Company has tried, where possible, to identify such information and statements by using words such as "anticipate," "believe," "envision," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," "contemplate" and other similar expressions and derivations thereof in connection with any discussion of future events, trends or prospects or future operating or financial performance, although not all forward-looking statements contain these identifying words. These statements are not guarantees of performance and involve risks and uncertainties that are difficult to control or predict, and as such, they may cause future results of the Company's activity to differ significantly from the content and implications of such statements. Forward-Looking Statements are pertinent only as of the date on which they are made, and the Company undertakes no obligation to update or revise any Forward-Looking Statements to reflect new information or the occurrence of future events or circumstances unless otherwise required to do so by law. Neither the Company nor its shareholders, officers, and consultants shall be liable for any action and the results of any action taken by any person based on the information contained herein, including without limitation the purchase or sale of Company securities. Nothing in this document should be deemed to be medical or other advice of any kind. All images are for illustrative purposes only. IzoView is not yet approved for sale.