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Aurora Spine announces the closure of private placement financing

 

Carlsbad, California, October 23, 2023 (GLOBE NEWSWIRE) — Aurora Spine Corporation (“Aurora Spine” or the “Company”) (TSX VENTURE: ASG) (OTCQB: ASAPF) is pleased to announce that it has completed a non-brokered private placement of units (“Units”) at gross proceeds of approximately CDN$1.9 million (the “Offering”).

As a result of the Offering, the Company issued 6,445,939 Units at a price of CDN$0.30 per Unit. Each Unit consists of one common share of the Company and one warrant to purchase common shares of the Company. Each whole warrant is exercisable at a price of CDN$0.50 per common share for a period of 24 months from the date of issuance. In connection with the Offering, the Company paid finders’ fees in the aggregate amount of CDN$50,700. PowerOne Capital Markets Limited acted as finder in connection with a portion of the Offering.

The Company intends to use the proceeds from the Offering to finance increased working capital resulting from expected growth in sales of several of its new products, including SiLO TFX and Dexa/Apollo, and from ZIP’s continued growth as Aurora adds new direct sales staff.

The securities issued under the Offering will be subject to a four-month hold period in accordance with applicable securities laws. The Offering is subject to final approval by the TSX Venture Exchange.

Certain directors of the Company (collectively the “Insiders”) participated in the Offering and as such the Offering may constitute a related party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) , but is otherwise exempt from the formal minority interest valuation and approval requirements of MI 61-101 under sections 5.5(a) and 5.7(1)(a) of MI 61-101 with respect to such Insider participation in the Offer . No special committee has been established in connection with the Offering or the Insiders’ participation in the Offering, and no material contrary position has been expressed or abstained from by any director of the Company in connection therewith. Further details will be included in a material changes report to be submitted by the Company in connection with the completion of the Offering. The Company filed the material change report no more than 21 days prior to the initial closing date of the Offering as the terms of the Offering and the total amount to be invested by the Insiders were only settled shortly before the closing of the Offering. and the Company wished to complete the Offering on an accelerated basis for sound business reasons.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”) or any state securities laws, and may not be offered or sold within the United States or to US persons, unless registered under the United States Securities Act and applicable state securities laws or an exemption from such registration is available.

About Aurora Spine

Aurora Spine focuses on bringing new solutions to the spine implant market through a range of innovative, minimally invasive, regenerative spine implant technologies. Additional information can be found at www.aurora-spine.com or www.aurorapaincare.com.

Forward-Looking Statements

This press release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond Aurora Spine’s control, including, without limitation, those set forth under “Risk factors” And “Cautionary Note Regarding Forward-Looking Information” in Aurora Spine’s final prospectus (collectively, “forward-looking information”). Forward-looking information in this press release includes information regarding the Offering, the completion of the Offering and the approval of the Offering by the TSX Venture Exchange. Aurora Spine cautions investors in the securities of Aurora Spine of important factors that could cause Aurora Spine’s actual results to differ materially from those projected in the forward-looking statements contained in this press release. Any statements that express or imply expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties that could cause actual results or outcomes. to differ unilaterally from the statements expressed in such forward-looking statements. There can be no assurance that the expectations set forth herein will prove to be correct and, accordingly, potential investors should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this press release.

For more information please contact:

Aurora Spine Corporation

Trent Northcutt
president and director
(760) 424-2004

Chad Clouse
Finance Director
(760) 424-2004

www.aurora-spine.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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