By Devika Patel
Knoxville, Tenn., Feb. 12 - Kane Biotech Inc. announced a non-brokered private placement for up to C$1 million.
The deal consists of up to 4 million units at C$0.25 per unit. Each unit comprises one share and one half-share warrant. Each whole warrant is exercisable at a price of C$0.40 per share for 18 months.
The proceeds will be used for research and development 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 share and one half-share warrant
|
| Amount: | C$1 million (maximum)
|
| Units: | 4 million (maximum)
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.40
|
| Placement agent: | Non-brokered
|
| Pricing date: | Feb. 12
|
| Stock symbol: | TSX Venture: KNE
|
| Stock price: | C$0.32 at close Feb. 11
|
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