Offering lifted from C$990,000; proceeds finance product development
By Devika Patel
Knoxville, Tenn., Jan. 24 - Antibe Therapeutics Inc. said it increased its non-brokered private placement of units to C$1.25 million from C$990,000 and raised C$899,445 in the first tranche on Dec. 30.
The company is selling 2.27 million units of one common share and a half-share warrant at C$0.55 per unit. Each whole warrant will be exercisable at C$0.80 for three years.
The warrant strike price is a 50.94% premium to the Dec. 27 closing share price of C$0.53.
In the initial tranche, the company sold 1,635,354 units. Settlement of the final tranche is expected Jan. 28.
Proceeds will be used for product development and for general corporate purposes.
The pharmaceutical company is based in Toronto.
| Issuer: | Antibe Therapeutics Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1,248,500
|
| Units: | 2.27 million
|
| Price: | C$0.55
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.80
|
| Agent: | Non-brokered
|
| Upsized: | Jan. 24
|
| Settlement date: | Dec. 30 (for C$899,445), Jan. 28
|
| Stock symbol: | TSX Venture: ATE
|
| Stock price: | C$0.53 at close Dec. 27
|
| Market capitalization: | C$7.86 million
|
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