Published on June 30, 2012 at 9:24 AM
BIOREM anticipates that insiders may subscribe for greater than 25% of the private placement. The issuance of Units to insiders pursuant to the private placement is considered to be a related party transaction subject to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. Biorem intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(c) and 5.7(b) of Multilateral Instrument 61-101 on the basis that the private placement constitutes a distribution of securities for cash to insiders which is within the parameters of those sections.
In addition, the Board of Directors is pleased to announce the appointment of Mr. Bernardo Llovera to the role of Chair of the Board, replacing Hank Vander Laan, who remains on the board.
SOURCE Biorem Inc.