Deal's proceeds to be used for Kane's research and development program
By Devika Patel
Knoxville, Tenn., Dec. 14 - Kane Biotech Inc. said it has completed a C$1.44 million non-brokered private placement of units. The deal priced for C$1.5 million on Nov. 14.
The company sold 18,035,000 units of one common share and one warrant at C$0.08 per unit. Each warrant will be exercisable at C$0.15 for one year. The strike price reflects an 87.5% premium to the Nov. 13 closing share price of C$0.08.
Proceeds will be used for the company's research and development program and for working capital.
The Winnipeg, Man., biotechnology company is focused on the development of products to prevent and disperse bacterial biofilms.
| Issuer: | Kane Biotech Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,442,800
|
| Units: | 18,035,000
|
| Price: | C$0.08
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 14
|
| Settlement date: | Dec. 14
|
| Stock symbol: | TSX Venture: KNE
|
| Stock price: | C$0.08 at close Nov. 13
|
| Market capitalization: | C$6.06 million
|
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