By Sheri Kasprzak
New York, May 26 - Kane Biotech Inc. upsized to C$1.5 million its previously announced C$1.2 million private placement.
The company now plans to sell up to 2,727,273 units at C$0.55 each.
The units consist of one share and one half-share warrant. The whole warrants are exercisable at C$0.70 each for 18 months.
The non-brokered offering priced on April 20 as a C$1.2 million offering of up to 2,181,818 units.
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.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1.5 million (maximum)
|
| Units: | 2,727,273 (maximum)
|
| Price: | C$0.55
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.70
|
| Placement agent: | Non-brokered
|
| Pricing date: | April 20
|
| Upsized: | May 26
|
| Stock symbol: | TSX Venture: KNE
|
| Stock price: | C$0.64 at close April 20
|
| Stock price: | C$0.44 at close May 26
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
