PanGenomic Health Commences Trading on the CSE Under the Symbol “NARA” and Release of Escrowed Proceeds
July 18, 2022 – Vancouver, British Columbia. PanGenomic Health Inc. (“PanGenomic”) (CSE: NARA) is pleased to announce that, pursuant to the bulletin published by the Canadian Securities Exchange (the “CSE”) on July 15, 2022, the Class A Common Shares (the “Common Shares”) of PanGenomic have been approved for listing (the “Listing”) and will commence trading on the CSE effective July 18, 2022, under the trading symbol “NARA”.
"We are proud of this significant milestone", commented Robert Nygren, Executive Chair and Co-Founder of PanGenomic. "As one of Canada's first benefit companies to become publicly listed, we have a unique opportunity to be guided by a balance of financial and social purpose goals that align with personal values of shareholders."
PanGenomic's CEO and Co-Founder, Vincent Lum, added, "We see growing consumer interest in the use of natural remedies to address health challenges and support for their use by health authorities in North America and the World Health Organization. Our free Nara consumer app will help people access personalized, evidence-based information about natural treatments for mental health conditions."
Release of Funds from Financing
PanGenomic is also pleased to announce that the escrow release conditions for its recently completed financing of 7,365,999 subscription receipts (the “Subscription Receipts”) at a price of $0.15 per Subscription Receipt for total gross proceeds of $1,104,900 (the “Financing”) have been satisfied and the proceeds from the Financing have been released from escrow. Upon satisfaction of the escrow release conditions, each Subscription Receipt was automatically exchanged for one unit (a “Unit”) consisting of one Common Share and one Common Share purchase warrant (a “Warrant”). Each Warrant is exercisable at a price of $0.30 per share for a period of 24 months following conversion of the Subscription Receipts, subject to acceleration.
The net proceeds of the Financing will be used for the development and releases of PanGenomic’s Nara App (Phases 2 and 3) and PlantGx Platform (Phase 2), marketing and investor relations expenses, expenses related to the Prospectus and the Listing, general and administrative expenses and general working capital purposes.
The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States.
About PanGenomic Health Inc.
PanGenomic is a precision health company that has developed a self-care digital platform to deliver personalized, evidence-based information about natural treatments. Our initial focus is on mental health. As a British Columbia benefit company, PanGenomic’s mission is to promote and improve the health and wellness of people and society by providing a technology platform that identifies plant-based solutions tailored to the health profile of each individual.
For more product information, please visit www.nara.care and www.pangenomic.com.
For more information please contact:
Chief Financial Officer
This news release includes certain statements that may be deemed “forward-looking statements”, including statements respecting the services to be provided by PanGenomic and the consideration to be paid to PanGenomic. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward looking statements. Although PanGenomic believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because PanGenomic can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in PanGenomic’s disclosure documents which can be found under PanGenomic’s profile on www.sedar.com
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.