Offer’s proceeds will be used for expansion, research and development
By Devika Patel
Knoxville, Tenn., July 28 – Kane Biotech Inc. said it has arranged a C$1.13 million private placement of units.
The company will sell 16.1 million units of one common share and one warrant at C$0.07 per unit. Each warrant will be exercisable at C$0.10 for 18 months. The strike price reflects a 150% premium to the July 27 closing share price of C$0.04.
Proceeds will be used for market expansion; new product formulation and development; research, development and supply chain resources; and increased regulatory expertise.
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$1,127,000
|
| Units: | 16.1 million
|
| Price: | C$0.07
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.10
|
| Pricing date: | July 28
|
| Stock symbol: | TSX Venture: KNE
|
| Stock price: | C$0.04 at close July 27
|
| Market capitalization: | C$4.84 million
|
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