By Sheri Kasprzak
New York, Feb. 2 - Chromos Molecular Systems Inc. said it has completed its previously announced C$10 million private placement for C$6,010,290.
The company issued 30,051,452 units of one share and one warrant at C$0.20 each to a group of investors led by Neuro Discovery LP.
The warrants are exercisable at C$0.25 each for two years.
The deal was first announced Oct. 26 as an offering up to C$10 million and at least C$6 million.
The placement was conducted to finance Chromos's acquisition of Targeted Molecules Corp., a private San Diego-based biotechnology company focused on treatments for multiple sclerosis.
Also connected to the acquisition, holders of C$2 million in bridge loans made to Chromos and TMC converted the loans to units of Chromos at C$0.175 each. The units include one share and one and a half warrants. Each whole warrant is exercisable at C$0.25 each for two years.
In the merger, Chromos acquired all of the outstanding shares of Targeted Molecules at C$0.0284 each. The total cash consideration payable to TMC's shareholders is C$740,000.
Based in Burnaby, B.C., Chromos is a cellular engineering and therapeutics company focused on cell lines for use in biopharmaceuticals and biological therapies.
| Issuer: | Chromos Molecular Systems Inc.
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| Issue: | Units of one share and one warrant
|
| Amount: | C$6,010,290
|
| Units: | 30,051,452
|
| Price: | C$0.20
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.25
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| Investors: | Neuro Discovery LP (lead)
|
| Announcement date: | Oct. 26
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| Settlement date: | Feb. 2
|
| Stock symbol: | Toronto: CHR
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| Stock price: | C$0.20 at close Oct. 26
|
| Stock price: | C$0.21 at close Feb. 2
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