Non-brokered financing expected to finance research and development
By Devika Patel
Knoxville, Tenn., April 6 - Kane Biotech Inc. said it increased a non-brokered private placement of units to C$2.4 million. The deal priced for C$1.5 million on March 30.
The company will now sell 20 million units at C$0.12 apiece. Each unit consists of one common share and one warrant, with each warrant exercisable at C$0.17 for 18 months.
The strike price is a 30.77% premium to the March 29 closing share price of C$0.13.
Proceeds will be used for the company's research and development program 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 common share and one warrant
|
| Amount: | C$2.4 million
|
| Units: | 20 million
|
| Price: | C$0.12
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.17
|
| Agent: | Non-brokered
|
| Pricing date: | March 30
|
| Upsized: | April 6
|
| Stock symbol: | TSX Venture: KNE
|
| Stock price: | C$0.13 at close March 29
|
| Market capitalization: | C$5.81 million
|
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