Deal finances company's change of business into an oil and gas issuer
By Devika Patel
Knoxville, Tenn., Sept. 28 - Life Sciences Institute Inc. said it raised C$2.89 million in a non-brokered private placement of units. Wolverton Securities Ltd. was paid a finder's fee.
The company sold 24,681,668 flow-through units of one common share and one half-share warrant at C$0.06 per unit and 28,144,000 units of one common share and one warrant at C$0.05 per unit.
Each whole warrant will be exercisable at C$0.10 for two years. The strike price is a 42.86% premium to the company's C$0.07 closing share price on Sept. 27.
Proceeds will be used to complete the company's change of business into an oil and gas issuer, to complete a work program and for general working capital.
The oil and gas company is based in Calgary, Alta.
| Issuer: | Life Sciences Institute Inc.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant, units of one common share and one warrant
|
| Amount: | C$2,888,100
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Settlement date: | Sept. 28
|
| Stock symbol: | TSX Venture: LSN
|
| Stock price: | C$0.07 at close Sept. 27
|
| Market capitalization: | C$2.33 million
|
|
|
| Flow-through units
|
| Amount: | C$1,480,900
|
| Units: | 24,681,668
|
| Price: | C$0.06
|
| Warrants: | One half-share warrant per unit
|
|
|
| Units
|
| Amount: | C$1,407,200
|
| Units: | 28,144,000
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
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