Insiders will participate in non-brokered offering of stock, warrants
By Marisa Wong
Morgantown, W.Va., Jan. 27 – Kane Biotech Inc. said it is planning an up to C$4 million non-brokered private placement of units.
The company plans to offer up to 66,666,667 units at a price of C$0.06 per unit.
Each unit will consist of one common share and half of one share purchase warrant.
Each whole warrant is exercisable at C$0.10 per share for a period of 18 months. The strike price reflects a 66.67% premium to the Jan. 22 closing share price of C$0.06.
The company announced that some insiders have said they will be participating in the offering.
Proceeds will be used for investing in revenue growth through the commercialization of the company’s patent portfolio.
Kane is a Winnipeg, Man.-based biotechnology company that develops and commercializes products that prevent and remove biofilms.
| Issuer: | Kane Biotech Inc.
|
| Issue: | Units of one common share and half-share warrant
|
| Amount: | Up to C$4 million
|
| Units: | Up to 66,666,667
|
| Price: | C$0.06
|
| Warrants: | Half a warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Announcement date: | Jan. 27
|
| Stock symbol: | TSX Venture: KNE
|
| Stock price: | C$0.06 at close Jan. 22
|
| Market capitalization: | C$7.07 million
|
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