By Devika Patel
Knoxville, Tenn., Dec. 10 - Ondine Biopharma Corp. announced it has raised C$6.97 million in a private placement of units. The deal priced on Nov. 22 for C$5.5 million.
The company sold of 6,335,182 flow-through common units at C$1.10 apiece. It originally meant to sell 5 million units at that price. Each unit consists of one common share and one half-share warrant, with each whole warrant exercisable at C$1.25 for two years.
Canaccord Capital Corp. helped with this placement, which originally was announced as a non-brokered deal.
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$6,968,700
|
| Units: | 6,335,182
|
| Price: | C$1.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.25
|
| Agent: | Canaccord Capital Corp.
|
| Pricing date: | Nov. 22
|
| Settlement date: | Dec. 10
|
| Stock symbol: | Toronto: OBP
|
| Stock price: | C$1.15 at close Nov. 22
|
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