By Sheri Kasprzak
New York, April 28 - Orbus Pharma Inc. has settled its previously announced private placement for C$5,155,000.
The company issued 12,888,750 units at C$0.40 each.
The units consist of one share and one warrant. The warrants are exercisable at C$0.60 each for two years.
The deal priced March 24 as a C$5 million offering of 12.5 million units.
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.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$5,155,000
|
| Units: | 12,888,750
|
| Price: | C$0.40
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
| Pricing date: | March 24
|
| Settlement date: | April 28
|
| Stock symbol: | Toronto: ORB
|
| Stock price: | C$0.40 at close March 24
|
| Stock price: | C$0.38 at close April 28
|
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