By Sheri Kasprzak
New York, Jan. 31 - Arius Research Inc. said it negotiated a private placement for up to $20 million.
The deal includes up to 28,555,111 units at $0.7004 each.
The units consist of one share and one warrant. The warrants are exercisable at C$1.00 each for five years.
The units will be offered to investors in the United States, Canada and Europe. Among those investors are OrbiMed Advisors, LLC, Xmark Opportunity Partners, LLC and Efficacy Capital Ltd.
The offering is scheduled to conclude in February.
A syndicate of placement agents led by Dundee Securities Corp. and Loewen, Ondaatje, McCutcheon Ltd., and including Canaccord Capital Corp., will be placing the units.
Toronto-based Arius is a biotechnology company focused on novel treatments for cancer.
| Issuer: | Arius Research Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | $20 million (maximum)
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| Units: | 28,555,111 (maximum)
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| Price: | $0.7004
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| Warrants: | One warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | C$1.00
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| Investors: | OrbiMed Advisors, LLC, Xmark Opportunity Partners, LLC, Efficacy Capital Ltd. (lead investors)
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| Placement agents: | Dundee Securities Corp. (co-lead), Loewen, Ondaatje, McCutcheon Ltd. (co-lead); Canaccord Capital Corp.
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| Pricing date: | Jan. 31
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| Stock symbol: | TSX Venture: ARI
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| Stock price: | C$0.96 at close Jan. 31
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