New York, June 5 - Med BioGene Inc. said it completed the first tranche of its previously announced private placement, raising C$1,233,879.
The Vancouver, B.C.-based company sold 15,423,488 units at C$0.08 each.
Each unit is made up of one share and half a share purchase warrants. Whole warrants are exercisable at C$0.10 for 24 months. The expiration of the warrants can be accelerated if Med BioGene's stock closes above C$0.30 for 20 consecutive trading days.
The placement, announced on April 22, is for at least C$1.3 million and a maximum of C$1.6 million.
Berkeley Capital Corp. II, a capital pool company, participated in the private placement as lead order, buying C$620,600 of units.
Concurrent with the closing, Med BioGene appointed Kevin K. Rooney, a current director of Berkeley, as a director. Rooney is a co-founding partner of Hayden Bergman Rooney, Professional Corp., a corporate, securities and mergers and acquisitions boutique law firm in San Francisco.
Med BioGene will use proceeds of the placement for the development and commercialization of LungExpress Dx and for general corporate purposes.
The company paid a 7% selling commission and issued compensation options to acquire shares equal to 7% of the units sold for units other than those issued to Berkeley.
Med BioGene is a biotechnology company focused on development and commercialization of genomic-based personalized clinical laboratory diagnostic tests.
| Issuer: | Med BioGene Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1,233,879 (first tranche)
|
| Units: | 15,423,488
|
| Price: | C$0.08
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Pricing date: | April 22
|
| Settlement date: | June 5
|
| Stock symbol: | TSX Venture: MBI
|
| Stock price: | C$0.06 at close April 22, C$0.08 at close June 5
|
| Market capitalization: | C$3.30 million
|
© 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.
