Deal funds development and marketing of products and working capital
By Devika Patel
Knoxville, Tenn., June 2 – Kane Biotech Inc. said it plans a C$1.5 million private placement of stock.
The company will sell 50 million common shares at C$0.03 apiece. The price per share represents a 25% discount to C$0.04, the closing share price on June 1.
Proceeds will be used for development and marketing of the company’s products and general working capital.
Kane is a Winnipeg, Man.-based biotechnology company that develops and commercializes products that prevent and remove biofilms.
| Issuer: | Kane Biotech Inc.
|
| Issue: | Common shares
|
| Amount: | C$1.5 million
|
| Shares: | 50 million
|
| Price: | C$0.03
|
| Warrants: | No
|
| Pricing date: | June 2
|
| Stock symbol: | TSX Venture: KNE
|
| Stock price: | C$0.04 at close June 1
|
| Market capitalization: | C$4.32 million
|
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