By Devika Patel
Knoxville, Tenn., July 12 - Kane Biotech Inc. announced a non-brokered private placement of up to 2.5 million units at C$0.40 per unit for up to C$1 million.
Each unit will be comprised of one share and one half share warrant. Each warrant is exercisable at a price of C$0.60 per share for a period of 18 months from the date it was issued.
The company will pay a subscription finder's fee equal to 8% of the proceeds. The finder's fee will include warrants, exercisable at a price of C$0.40 per share, equal to 7% of the number of units. The warrants will expire 12 months after being issued.
The proceeds will be used for research and development and for working capital purposes.
The Winnipeg, Man., biotechnology company is focused on the development of products to prevent and disperse bacterial biofilms.
Issuer: | Kane Biotech Inc.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$1 million (maximum)
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Units: | 2.5 million (maximum)
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Price: | C$0.40
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Placement agent: | Non-brokered
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Pricing date: | July 12
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Stock symbol: | TSX Venture: KNE
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Stock price: | C$0.50 at close July 11
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