By Devika Patel
Knoxville, Tenn., Feb. 20 - Kane Biotech Inc. said it is increasing the size of a non-brokered private placement to C$1.55 million. The deal priced for up to C$1 million on Feb. 12.
The company now plans to sell 6.2 million units, increased from 4 million units, at C$0.25 per unit. Each unit will be comprised of one share and one half-share warrant. Each 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 purposes.
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$1.55 million (maximum)
|
Units: | 6.2 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
|
Upsized: | Feb. 20
|
Stock symbol: | TSX Venture: KNE
|
Stock price: | C$0.32 at close Feb. 11
|
© 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.