Company inks offering in connection with acquisition of drug license
By Devika Patel
Knoxville, Tenn., April 7 - Denali Concrete Management Inc. reported plans for a $5 million private placement of stock in an 8-K filed Tuesday with the Securities and Exchange Commission. The deal is a condition of closing for the company's agreement with Can-Fite Biopharma Ltd. negotiated on June 5, under which the company will get an exclusive worldwide license for Can-Fite's drug in the field of ophthalmic diseases.
The company expects to sell 4,210,526 common shares, which would work out to a price of $1.1875 per share, a 375% premium to the June 4 closing share price of $0.25.
Proceeds will be used for the continued clinical development of the drug.
The shell company is based in Carson City, Nev., and seeks business opportunities.
| Issuer: | Denali Concrete Management Inc.
|
| Issue: | Common stock
|
| Amount: | $5 million
|
| Shares: | 4,210,526
|
| Price: | $1.1875
|
| Warrants: | No
|
| Pricing date: | June 5
|
| Stock symbol: | OTCBB: DCMG
|
| Stock price: | $0.25 at close June 5
|
| Market capitalization: | $2.84 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
