By Laura Lutz
Washington, Feb. 21 - Osta Biotechnologies Inc. negotiated a private placement of units for up to C$4 million.
The company plans to sell up to 16 million units of one share and one warrant to accredited investors at C$0.25 per unit. Each whole warrant will be exercisable at C$0.40 for two years.
Notre-Dame Capital Inc. will act as agent for the deal.
Settlement is expected on March 31.
Proceeds will be used for research and development and for working capital.
Osta is a biopharmaceutical company based in Montreal.
| Issuer: | Osta Biotechnologies Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$4 million
|
| Units: | 16 million
|
| Price: | C$0.25
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Agent: | Notre-Dame Capital Inc.
|
| Pricing date: | Feb. 21
|
| Settlement date: | March 31
|
| Stock symbol: | TSX Venture: OBI
|
| Stock price: | C$0.25 at close Feb. 20
|
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