By Laura Lutz
Des Moines, June 21 - Orbus Pharma Inc. intends to conduct a private placement of units for about C$7.5 million.
The company plans to sell 15 million units of one share and one half-share warrant at C$0.50 per unit. Each whole warrant will be exercisable at C$0.65 for two years.
Loewen, Ondaatje, McCutcheon Ltd. will act as agent for C$5 million of the deal. The remainder will be non-brokered.
Settlement is expected on July 12.
Proceeds will be used for the company's current and new drug development projects, for Food and Drug Administration-compliant facility upgrades and for working capital.
Orbus is a pharmaceutical company based in Markham, Ont.
| Issuer: | Orbus Pharma Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$7.5 million
|
| Units: | 15 million
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65
|
| Agent: | Loewen, Ondaatje, McCutcheon Ltd. (for C$5 million); non-brokered (for C$2.5 million)
|
| Pricing date: | June 21
|
| Settlement date: | July 12
|
| Stock symbol: | Toronto: ORB
|
| Stock price: | C$0.47 at close June 21
|
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