Offering finances product development and general corporate purposes
By Devika Patel
Knoxville, Tenn., April 10 – Antibe Therapeutics Inc. said it completed a C$1.25 million non-brokered private placement of units. The deal raised C$786,000 on April 1.
The company sold 12.5 million units of one common share and a half-share warrant at C$0.10 per unit. It sold 7.86 million units in the first tranche and 4.64 million units in the second.
Each whole warrant is exercisable at C$0.15 for three years, with the first-tranche warrants expiring on April 1, 2018 and the second-tranche warrants expiring April 9, 2018. The warrant strike price is a 16.67% discount to the March 31 closing share price of C$0.18.
Proceeds will be used for product development and 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$1.25 million
|
| Units: | 12.5 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | April 1, 2018, April 9, 2018
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
|
| Settlement dates: | April 1 (for C$786,000), April 10 (for C$464,000)
|
| Stock symbol: | TSX Venture: ATE
|
| Stock price: | C$0.18 at close March 31
|
| Market capitalization: | C$6.66 million
|
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