By Devika Patel
Knoxville, Tenn., June 25 - Med BioGene Inc. said it completed a C$1.6 million private placement of units with a C$366,121 tranche. The company raised C$1.23 million in the first tranche on June 5.
The placement priced on April 22 for between C$1.3 million and C$1.6 million.
The company sold 15,423,488 units at C$0.08 each in the first tranche. It sold 4,576,513 units in the second tranche for a total of 20,000,001 units.
Each unit is made up of one share and a half-share purchase warrant. The whole warrants are exercisable at C$0.10 for two years. The expiration of the warrants can be accelerated if Med BioGene's stock closes above C$0.30 for 20 consecutive trading days.
Berkeley Capital Corp. II, a capital pool company, participated in the private placement as lead order, buying C$620,600 of units.
Med BioGene will use proceeds of the placement for the development and commercialization of LungExpress Dx and for general corporate purposes.
Vancouver, B.C.-based 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$1.6 million
|
| Units: | 20,000,001
|
| Price: | C$0.08
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Investor: | Berkeley Capital Corp. II (for C$620,600)
|
| Pricing date: | April 22
|
| Settlement date: | June 5 (for C$1,233,879), June 25 (for C$366,121)
|
| Stock symbol: | TSX Venture: MBI
|
| Stock price: | C$0.06 at close April 22
|
| Market capitalization: | C$3.1 million
|
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