GUILFORD, Conn.--(BUSINESS WIRE)--BIOASIS TECHNOLOGIES INC. (TSXV:BTI.V; OTCQB:BIOAF),, a pre-clinical, research-stage biopharmaceutical company developing its proprietary xB3™ platform technology for the delivery of therapeutics across the blood-brain barrier and the treatment of central nervous system disorders in areas of high unmet medical need, including brain cancers and neurodegenerative diseases, today announced that it intends to satisfy its obligation to pay $26,177.21 in interest to the holders of its 7.5% unsecured debentures issued December 23, 2019  as of June 23, 2020 by issuing 104,708 common shares of the Company. The common shares will be issued at a deemed price of $0.25 per share in full satisfaction of the June 23 interest payment obligation in accordance with the terms of the Debentures. The Company chose to settle the interest through the issuance of common shares in order to preserve the amount of cash available to fund ongoing operations while it continues to pursue additional financing opportunities, including potential partnerships.

The shares for debt settlement remains subject to approval by the TSX Venture Exchange (the “TSXV”). The common shares issued pursuant to the shares for debt settlement will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issuance.

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About Bioasis

Bioasis Technologies Inc. is a biopharmaceutical company developing the xB3™ platform, a proprietary technology for the delivery of therapeutics across the blood brain barrier and the treatment of CNS disorders in areas of high unmet medical need, including brain cancers and neurodegenerative diseases. The delivery of therapeutics across the blood brain barrier represents the final frontier in treating neurological disorders. The in-house development programs at Bioasis are designed to develop symptomatic and disease-modifying treatments for brain-related diseases and disorders. The Company maintains headquarters in Guilford, Conn., United States. Bioasis trades on the TSX Venture Exchange under the symbol “BTI” and on the OTCQB under the symbol “BIOAF.” For more information about the Company, please visit www.bioasis.us.

This press release does not constitute an offer to sell, solicitation of an offer to buy or a recommendation for any of the Company’s securities. A securities offering by the Company will only be made pursuant to a private placement memorandum, offering circular or prospectus. The content of this press release is qualified in its entirety by any such offering materials.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.