biOasis Announces Completion of Acquisition of Intellectual Property
Product News Aug 12, 2011
biOasis Technologies Inc. has announced that its wholly owned subsidiary biOasis Advanced Technologies Inc. ("BAT") has completed the acquisition of certain Intellectual Property pursuant to a Worldwide Assignment dated June 16, 2011 on terms as previously disclosed.
On August 5, 2011, the closing date, the Company paid $25,000 in cash and issued 350,000 warrants at an exercise price of $0.575 and 100,000 warrants at an exercise price of $0.50.
Each warrant is exercisable into one common share of the Company for a period of five years from the date of issuance. All of the warrants issued are subject to a hold period expiring December 6, 2011.
In the event that a patent with respect to the Intellectual Property is issued to BAT in either Europe or the United States of America, the Company will grant a further 300,000 warrants.
These further warrants shall be priced at the closing share price of the Company on the date of the issuance of such patent and in any case not less than $0.50 and shall be exercisable into one common share of the Company for a period of two years from date of grant.