- Gemina raises $2.2m via a non-brokered private placement
- Placement is oversubscribed
VANCOUVER, BC, October 25, 2021 – Syniad Innovations Inc (“Syniad”) is pleased to announce that Gemina Laboratories Ltd. (“Gemina”) has successfully closed a non-brokered private placement. The placement, which was oversubscribed, raised gross proceeds of $2.2m at a price per share of $0.55 per Unit. Each Unit consists of one common share (a “Common Share”) of Gemina and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of $0.80 per Common Share for a period of 24 months from the date of issuance, subject to acceleration if the trading price of the Common Shares equals or exceeds $2.00 for a period of 10 consecutive days.
Syniad co-founded Gemina in 2020, to create a world-leading biosensing company. Gemina’s objective is to deliver diagnostic testing at the point of need. Its technology platform has the potential to address a wide range of pathogens, for instance, the rapid testing of COVID-19, Influenza and a variety of other viruses and conditions.
Commenting on today’s announcement, John Davies, Syniad’s CEO, said, “Today’s financing is another great step forward for Gemina as it advances its first product – a rapid diagnostic test – based on its proprietary biosensing platform.”