Helix BioPharma Announces Extension of 2009 Warrant Expiry Date
Helix BioPharma Corp., a biopharmaceutical company developing drug candidates for the prevention and treatment of cancer, today announced that it has received conditional approval from the Toronto Stock Exchange to extend the expiry date of the 2009 Warrants (as defined below) by twelve months, from September 7, 2013 at 5:00 p.m. (Toronto time) to September 7, 2014 at 5:00 p.m. (Toronto time). Helix also proposes to increase the exercise price for the 2009 Warrants from $2.87 to $3.51, effective from and after the Current Expiry Date (together with the extension of the expiry date, the "Proposed Amendments"). Helix previously extended the term of the 2009 Warrants from September 7, 2012 to March 7, 2013 and extended the term a second time from March 7, 2013 to the Current Expiry Date. Helix does not propose to amend any other provision of the 2009 Warrants, and none of the 2009 Warrants is held directly or indirectly by an insider of Helix.
Helix intends to provide a letter to the holders of the 2009 warrants outlining the terms of the Proposed Amendments and Helix intends that the Proposed Amendments will only become effective in respect of those 2009 Warrants for which the holder signs and returns an acknowledgement, acceptance and request, which will be appended to such letter, to Helix on or prior to the Current Expiry Date, and that any 2009 Warrant in respect of which such acknowledgement, acceptance and request is not received by Helix by such time may expire in accordance with its current terms on the Current Expiry Date.
The 2009 Warrants were issued as part of a private placement completed by Helix on September 8, 2009, pursuant to which Helix issued 6,625,000 units at a subscription price of $2.05 per unit. Each unit consisted of one common share and one common share purchase warrant (each a "2009 Warrant"), with each 2009 Warrant common entitling the holder to purchase, subject to adjustment, one common share at a price of $2.87 until the Current Expiry Date. All of the 2009 Warrants remain issued and outstanding.
The Proposed Amendments will be effective on the Current Expiry Date, being more than 10 business days following the issuance of this press release as required by the Toronto Stock Exchange's Company Manual.