Rezolute, Inc. announced that it expects to receive $20.25 million in funding from District 2 Capital Fund LP, The Bigger Capital Fund, LP, Genexine, Inc., Handok, Inc.

Rezolute, Inc. (OTCPK:RZLT) announced that it has entered into a purchase agreement for best effort basis private placement of 69,827,586 common shares at a price of $0.29 per share for gross proceeds of $20,249,999.94 on July 23, 2019. The transaction included participation from District 2 Capital Fund LP for 517,241 shares for $149,999.89, The Bigger Capital Fund, LP for 344,827 shares for $99,999.83, and existing investors Genexine, Inc. (KOSDAQ:A095700) and Handok, Inc. (KOSE:A002390) for 34,482,759 shares each for $10,000,000.11 each. The transaction is expected to close on July 24, 2019.

The company will issue securities pursuant to exemption provided under Rule 506 of Regulation D and Section 4(a)(2).