By Laura Lutz
Des Moines, March 27 - Med BioGene Inc. negotiated a private placement of units for C$4 million.
The company plans to sell 8 million units of one share and one half-share warrant at C$0.50 per unit. Each whole warrant will be exercisable at C$0.80 for 18 months.
Fraser Mackenzie Ltd. will act as lead agent.
Proceeds will be used to develop the company's diagnostic and prognostic product pipeline and for general corporate purposes.
Settlement is expected on April 30.
Med BioGene is a Vancouver, B.C.-based biotechnology company focused on genetic biomarkers.
| Issuer: | Med BioGene Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$4 million
|
| Units: | 8 million
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.80
|
| Agent: | Fraser Mackenzie Ltd.
|
| Pricing date: | March 27
|
| Settlement date: | April 30
|
| Stock symbol: | TSX Venture: MBI
|
| Stock price: | C$0.64 at close March 26
|
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