Deal’s proceeds to be used for Kane’s research and development program
By Devika Patel
Knoxville, Tenn., Oct. 6 – Kane Biotech Inc. said it has arranged a C$1.2 million non-brokered private placement of units.
The company will sell 20 million units of one common share and one warrant at C$0.06 per unit. Each warrant will be exercisable at C$0.12 for one year. The strike price reflects a 140% premium to the Oct. 3 closing share price of C$0.05.
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$1.2 million
|
| Units: | 20 million
|
| Price: | C$0.06
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.12
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 6
|
| Stock symbol: | TSX Venture: KNE
|
| Stock price: | C$0.05 at close Oct. 3
|
| Market capitalization: | C$3.56 million
|
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