By Devika Patel
Knoxville, Tenn., Nov. 26 - Ondine Biopharma Corp. announced that it plans to raise up to C$5.5 million in a non-brokered private placement of units.
The company will sell up to 5 million flow-through common units at C$1.10 apiece. Each unit will consist of one common share and one half-share warrant, with each whole warrant exercisable at C$1.25 for two years.
Proceeds will be used for research and development, working capital and general corporate purposes.
Ondine is based in Vancouver, B.C., and develops non-antibiotic therapies for the treatment of bacterial, fungal and viral infections.
| Issuer: | Ondine Biopharma Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$5.5 million
|
| Units: | 5 million
|
| Price: | C$1.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.25
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 22
|
| Stock symbol: | Toronto: OBP
|
| Stock price: | C$1.15 at close Nov. 22
|
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