By Sheri Kasprzak
New York, March 24 - Orbus Pharma Inc. said it plans to raise C$5 million in a private placement units comprised of one share and one warrant.
The company hopes to sell 12.5 million units at C$0.40 each.
The warrants are exercisable at C$0.60 each for two years.
Proceeds will be used for the development and commercialization of some of its targeted generic drugs and for working capital.
Based in Toronto, Orbus is a biopharmaceutical company focused on manufacturing generic drugs.
| Issuer: | Orbus Pharma Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | C$5 million
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| Units: | 12.5 million
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| Price: | C$0.40
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.60
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| Pricing date: | March 24
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| Stock symbol: | Toronto: ORB
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| Stock price: | C$0.40 at close March 24
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