zyus life sciences corporation formerly phoenix canada oil company limited “pco” announced the completion of reverse takeover transaction the “rto” with zyus life sciences inc “former zyus” in accordance with the terms of an arrangement agreement dated november 15 2022 as amended pursuant to which pco and former zyus completed a business combination by way of a plan of arrangement as a result of the rto former zyus is now a whollyowned subsidiary of the company “the closing of this transaction is the beginning of a transformational moment in zyus’ history and provides us with the resources to further advance our operations and accelerate our clinical research activities” stated brent zettl president and ceo of the company “this achievement brings us one step closer to providing patients with an approved pharmaceutical drug as an alternative to current pain management therapies our mission is to improve the quality of life and wellbeing for the billions of people worldwide who suffer from chronic pain” it is anticipated that the resulting issuer common shares will commence trading on the tsx venture exchange on june 19 2023 under the symbol “zyus” subject to the exchange providing final approval of the listing of the resulting issuer common shares on june 5 2023 former zyus closed a private placement of subscription receipts at a price of 160 per subscription receipt for aggregate gross proceeds of approximately 20 million immediately prior to the completion of the rto the net proceeds from the sale of the subscription receipt financing were released from escrow to former zyus resulting in the issuance of 126 million common shares of former zyus pursuant to the arrangement agreement the former zyus shares issued on conversion of the subscription receipts were automatically exchanged for resulting issuer common shares based on the exchange ratio of 0704440586 of a resulting issuer common share for each former zyus common share 698 million resulting issuer common shares are issued and outstanding as at june 9 2023 after giving effect to the rto including the completion of the conversion of the subscription receipts the effective issue price of the resulting issuer common shares for the purposes of the rto based on the issue price of the subscription receipts adjusted by the exchange ratio is 227 resulting in a market capitalization for the resulting issuer common shares of 1586 million pursuant to the arrangement agreement the resulting issuer’s executive team will include brent zettl president ceo corporate secretary  director john hyshka cfo keith carpenter chief strategy and investment officer and dr lionel marks de chabris chief medical officer the members of the resulting issuer’s board of directors are brent zettl dr charlotte moore hepburn richard hoyt john knowles and garnette weber distribution of warrants to shareholders of phoenix canada oil company limited shareholders of the resulting issuer who held common shares of pco as of the close of business on june 5 2023 will be entitled to a distribution of an aggregate of 479019 share purchase warrants exercisable at 355 per share until january 7 2025 subject to acceleration the warrants will only be distributed to the shareholders of pco who held common shares of pco as of the close of business on june 5 2023 and 0090141 warrant will be distributed for each common shares of pco effective on or about june 13 2023 the warrants will not be listed on the exchange photo benzinga edit with photos by jarmoluk and lindsayfox on pixabay