New York, May 10 - Kane Biotech Inc. said it reduced pricing on its C$1.2 million private placement.
The non-brokered deal now includes up to 2,181,181 units at C$0.55 per unit.
Each unit is made up of one share and a half share warrant exercisable at C$0.70 for 18 months.
Originally the deal was for 2 million shares at C$0.60 each.
The proceeds will be used for research and development and for working capital.
Kane, based in Winnipeg, Man., is a biotechnology company focused on the development of products to prevent and disperse bacterial biofilms. The products are used to prevent problems like urinary tract infections and tooth decay.
| Issuer: | Kane Biotech Inc.
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| Issue: | Units of stock and 0.5 warrants
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| Amount: | C$1.2 million (maximum)
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| Units: | 2,181,818 (maximum)
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| Price: | C$0.55
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| Warrants: | 0.5 per unit
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| Placement agent: | Non-brokered
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| Pricing date: | April 20, amended May 10
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| Stock symbol: | TSX Venture: KNE
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| Stock price: | C$0.64 at close April 19, C$0.54 at close May 10
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