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BOUCHERVILLE, Quebec, June 11, 2024 (GLOBE NEWSWIRE) -- LSL PHARMA GROUP INC. (TSXV: LSL) (the "Corporation" or "LSL Pharma "), a Canadian integrated pharmaceutical company, announces that, subject to regulatory approval, it has retained, effective June 10, 2024, Red Cloud Securities (“Red Cloud”) to provide market stability and liquidity services to the Corporation in compliance with the policies and guidelines of the TSX Venture Exchange (“TSX-V”) and other applicable legislation. Red Cloud is a 100%, principal-owned Canadian Toronto-based financial services company that helps life science, biotech, as well as mining companies with accessing capital markets and enhancing their corporate profile. Red Cloud will trade shares of LSL Pharma on the TSX-V for the purposes of maintaining a reasonable market and improving the liquidity of LSL Pharma's common shares.
Under the agreement, the Corporation will pay Red Cloud $5,000 per month during the term, payable quarterly in advance from its cash and cash equivalents. The engagement may be terminated by either party on 30 days’ prior written notice. The Corporation and Red Cloud have an arm’s length relationship, but Red Cloud and/or its clients may have or may acquire an interest, directly or indirectly, in the securities of LSL Pharma. The agreement pursuant to which Red Cloud will undertake the services is principally for the purposes of maintaining market stability and liquidity for the Corporation's common shares and is not a formal market making agreement. There are no performance factors contained in the agreement and Red Cloud will not receive any shares or options from the Corporation as compensation for services it will render.
ABOUT RED CLOUD SECURITIES
Red Cloud Securities Inc. is registered as an Investment Dealer in Ontario, Quebec, Alberta and British Columbia and is a member of the Investment Industry Organization of Canada (IIROC). It is focused on providing unique comprehensive capital market services and innovative financing alternatives to the junior resource sector. The company was founded by capital markets professionals who designed the firm to service small public and private companies. This solution is a comprehensive platform that provides a full range of unconflicted corporate access services. Offering these services as a unified platform provides the ultimate value proposition for issuer clients.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements as defined under applicable Canadian securities legislation. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "continue" or similar expressions. Forward-looking statements are based on a number of assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Corporation's ability to control or predict, that could cause actual results or performance to differ materially from those expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, those identified in the Corporation's filings with Canadian securities regulatory authorities, such as legislative or regulatory developments, increased competition, technological change and general economic conditions. All forward-looking statements made herein should be read in conjunction with such documents.