By Laura Lutz
Des Moines, July 27 - Orbus Pharma Inc. completed its previously announced private placement of units for C$8,423,986, up from the C$7.5 million size announced at pricing on June 21.
The company sold 16,847,972 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. acted as agent for C$6 million of the offering. At pricing, it was expected to be the agent for only C$5 million of the deal.
The remainder was non-brokered.
Existing shareholders subscribed for 70% of the non-brokered portion.
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$8,423,986
|
| Units: | 16,847,972
|
| 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$6 million); non-brokered (for remainder)
|
| Pricing date: | June 21
|
| Settlement date: | July 27
|
| Stock symbol: | Toronto: ORB
|
| Stock price: | C$0.47 at close June 21
|
| Stock price: | C$0.50 at close July 27
|
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