DENVER, Dec. 4, 2017 /PRNewswire/ -- NanoSphere Health Sciences Inc. (CSE: NSHS) ("NanoSphere") (formerly Corazon Gold Corp.) is pleased to announce a name change and listing on the Canadian Securities Exchange (the "CSE"), effective today. NanoSphere's shares will commence trading tomorrow, December 5, 2017, under the symbol "NSHS".
NanoSphere has also satisfied the escrow release conditions for its previously announced $5.9 million subscription receipt financing (see news release dated November 29, 2017). The resulting conversion of the subscription receipts and subscription receipt finder warrants issued under the financing will result in the release of $5,762,370 in net proceeds to NanoSphere after payment of finder fees, and the issuance of 11,811,370 common shares and 6,190,235 share purchase warrants (including 284,550 finder warrants) exercisable at $0.75 until December 4, 2019, subject to acceleration as described in the news release of November 29, 2017.
"NanoSphere's CSE listing and the completion of the $5.9 million escrow release marks one of what will be many milestones for NanoSphere on its road to revolutionizing not only the way Cannabis is administered, but other substances as well," commented David Sutton, President of NanoSphere.
NanoSphere is commercializing its disruptive, next-generation nanoparticle delivery system platforms for cannabis under the brand Evolve Formulas. Evolve has already launched its acclaimed NanoSerum™ product for the recreational and medical cannabis markets in Colorado. NanoSerum™ is the first clinically-tested transdermal cannabis product to relieve pain in minutes.
The award-winning Evolve is now available in 70 accounts throughout Colorado. NanoSphere expects to rapidly partner with manufacturers and operators in several states to license our technology and bring the Evolve brand to new markets throughout the United States, and to build on that success by further introducing new product applications. Each product application will deliver a unique pharmacokinetic and pharmacodynamic profile of cannabinoid activity and therapeutic applications.
Robert Sutton, Chairman and CEO of the Company, adds "Evolve Formulas is going strong, and we are excited to continue the momentum and are very pleased to have made such significant progress."
NanoSphere further reports, on behalf of Mr. Robert Sutton, that on closing of the Company's business combination (the "Combination") with NanoSphere Health Sciences, LLC (see news release dated November 29, 2017), Mr. Sutton acquired control without ownership over 31,353,760 common shares ("Shares") of the Company which were acquired by Preferred Holdings, LLC pursuant to the Combination's share exchange. Mr. Sutton's holding (control or ownership) of issued Shares increased from nil% to 32.6% of the issued Shares (calculated after conversion of the above-noted subscription receipts). Immediately before the acquisition, Mr. Sutton held no issued Shares. Immediately after the acquisition, Mr. Sutton held 31,353,760 Shares or 32.6% of the issued Shares (calculated after conversion of the above-noted subscription receipts). Preferred Holdings, LLC paid a deemed value of $15,670,880 in the form of 1,210,517 Class A membership units of NanoSphere Health Sciences, LLC which were tendered to the Combination's share exchange. Preferred Holdings, LLC acquired the securities for investment purposes. In the future, Mr. Sutton and Preferred Holdings, LLC may acquire additional securities of the Company or dispose such securities through the market or otherwise subject to a number of factors, including but not limited to general market and economic conditions, alternative investment and business opportunities, portfolio and liquidity considerations, and other circumstances.
NanoSphere Health Sciences LLC, a wholly owned operating subsidiary of the Company, is a biotechnology firm specializing in the creation of the NanoSphere Delivery System™, a revolutionary platform using nanotechnology in the biodelivery of supplements, nutraceuticals and over-the-counter medications for the cannabis, pharmaceutical and animal health industries, and beyond. The patent-pending NanoSphere Delivery System™ represents one of the most important developments for advancing the non-invasive and user-friendly delivery of biological agents in over 25 years. For more information on NanoSphere, please visit http://www.nanospherehealth.com.
On behalf of the Board
David Sutton, President and COO
Kate Wells, Chief Marketing Officer
NanoSphere Health Sciences, LLC
Victor Goncalves, Executive Vice President
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statement Caution
This news release includes forward looking statements that are subject to assumptions, risks and uncertainties. Statements in this news release which are not purely historical are forward looking statements, including without limitation any statements concerning the Company's intentions, plans, estimates, expectations or beliefs regarding the future. Although the Company believes that any forward looking statements in this news release are reasonable, there can be no assurance that any such forward looking statements will prove to be accurate. The Company cautions readers that all forward looking statements, including without limitation those relating to the Company's future operations and business prospects, are based on assumptions none of which can be assured, and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward looking statements. Any forward looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward looking statements, or to update the reasons why actual events or results could or do differ from those projected in the forward looking statements, whether as a result of new information, future events or otherwise.
SOURCE NanoSphere Health Sciences Inc.