On June 15, 2022, NurExone Biologic Inc. (formerly, EnerSpar Corp.) (TSXV: NRX) (the "Company") announced that it had completed its previously announced business combination transaction with NurExone Biologic Ltd. ("NurExone"). The transaction is a "Reverse Takeover Transaction" as such term is defined under Policy 5.2 of the TSX Venture Exchange.
The Company and NurExone completed the transaction pursuant to the terms of a securities exchange agreement by which the Company acquired each ordinary share of NurExone in exchange for 17 post-consolidation common shares of the Company. As a condition of closing the transaction, the Company completed on May 31, 2022 a plan of arrangement pursuant to which the Company spun out its wholly-owned subsidiary, 1222150 B.C. Ltd. All of the mining assets of the Company were transferred to the subsidiary.
NurExone Biologic Inc. is a pharmaceutical company developing a unique advanced treatment for reversing paralysis and improving the quality of life of patients following spinal cord injury. The Company has been granted an exclusive worldwide license to develop and commercialize the technology by the Technion -- Israel Institute of Technology, Haifa and Tel Aviv University, both located in Israel. As well, the Company has recently obtained an additional exclusive global license to an exosome manufacturing process developed at the Technion -- Israel Institute of Technology, Haifa.
Gowling WLG was Canadian legal counsel to NurExone Biologic Ltd. in this transaction with a team that included Jason A. Saltzman, Henry Harris and Quinn Clement-Schlimm.
Read the original article on GowlingWLG.com.
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