By Laura Lutz
Des Moines, April 13 - Osta Biotechnologies Inc. decreased the size of its previously announced private placement of units to C$2 million from C$4 million.
The company now plans to sell up to 8 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.
The placement is expected to settle in several tranches by May 31. The expected settlement date was previously 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$2 million
|
| Units: | 8 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
|
| Downsized: | April 13
|
| Settlement date: | May 31
|
| Stock symbol: | TSX Venture: OBI
|
| Stock price: | C$0.25 at close Feb. 20
|
| Stock price: | C$0.30 at close April 13
|
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