BioCure Announces Issuance of Warrants
Vancouver, British Columbia – February 15, 2018 – Biocure Technology Inc. (formerly Gravis Energy Corp.) (CSE: CURE) (the “Company” or “Biocure”) announces the proposed issuance of an aggregate of 1,895,340 share purchase warrants with an exercise price to be fixed as the closing price of the Company’s shares on the CSE as at February 22, 2018 (the “Set Price”).
The warrants are issuable pursuant to a services agreement dated March 22, 2017 as amended (the “Agreement”) and originally entered into by the Company’s wholly owned subsidiary, Biocurepharm Corporation (“BP Korea”), with Columbia Capital Inc. (“CCI”). Pursuant to the Agreement, CCI was, among other things, entitled to a success fee in relation to the completion of the Company’s acquisition of BP Korea (the “Transaction”), of warrants to acquire up to 5% of the outstanding shares of BP Korea. BP Korea and CCI previously agreed that this fee would be settled through the issuance of warrants to acquire 3,790,680 common shares of the Company at an exercise price and for a term to be determined (the “Warrants”), which Warrants would be issued within six months of the completion of the Transaction.
The Company, CCI and BP Korea have determined that ½ of the Warrants, being 1,895,340 Warrants, will be issued on February 23, 2018 with an exercise price equivalent to Set Price and expiring on February 23, 2019.
A remaining 1,895,340 Warrants will be issued on terms to be agreed by the parties, subject to applicable securities law and the policies of the CSE on or before May 31, 2018. Once the parties finalized such terms, a further announcement will be made.
Biocure is a South Korean based Bio Pharmaceutical company specializing in the development and potential commercialization of biosimilar pharmaceutical products. Biocure is in the process of pre-clinical trials of five major biosimilar products in South Korea, including Interferon Beta 1b, PEG-Filgrastim and Ranibizumab as well as CAR-T Cell Therapy. Interferon Beta 1b is used for treating relapsing forms of multiple sclerosis (“MS”) Filgrastim is used to treat neutropenia, a lack of certain white blood cells caused by bone marrow transplants, chemotherapy, and other conditions. Ranibizumab is used for treating macular degeneration. It is also used to treat a type of eye problem known as macular edema, as well as certain eye problems caused by diabetes. Biocure is also developing a foot and mouth disease vaccine, a hair growth production product and a breast cancer detection kit.
ON BEHALF OF THE BOARD OF DIRECTORS
/s/ “Sang Mok Lee”
CEO and Director