Non-brokered financing expected to finance research and development
By Devika Patel
Knoxville, Tenn., April 15 - Kane Biotech Inc. said it concluded a C$2.4 million non-brokered private placement of units. The deal priced for C$1.5 million on March 30 and was increased to C$2.4 million on April 6.
The company sold 19,926,328 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 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 common share and one warrant
|
| Amount: | C$2,391,159
|
| Units: | 19,926,328
|
| 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
|
| Settlement date: | April 15
|
| Stock symbol: | TSX Venture: KNE
|
| Stock price: | C$0.13 at close March 29
|
| Market capitalization: | C$5.99 million
|
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