Company to complete offering as part of planned qualifying transaction
By Devika Patel
Knoxville, Tenn., Aug. 18 – BIOflex Technologies Inc., formerly Ovid Capital Ventures Inc., said it raised C$1.15 million in a private placement of units on Aug. 7. The deal priced for between C$1.13 million and C$1.5 million on May 1. Of the proceeds, C$206,675 was raised on a non-brokered basis, with the remaining C$948,190 raised by Jones, Gable & Co. Ltd. on a commercially reasonable efforts basis.
The company sold 10,265,466 units of one common share and one one-year warrant at C$0.30 per unit.
The warrants will each be exercisable at C$0.15, which is identical to the April 30 closing share price.
The offering was conducted in connection with the company’s qualifying transaction with BIOflex Medical Magnetics, Inc., which settled simultaneously with the placement.
Ovid is a Montreal-based capital pool company. BIOflex is a private medical device company.
| Issuer: | BIOflex Technologies Inc.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$1,154,865
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| Units: | 10,265,466
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| Price: | C$0.1125
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| Warrants: | One warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.15
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| Agent: | Jones, Gable & Co. Ltd. (for C$948,190), non-brokered (for C$206,675)
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| Pricing date: | May 1
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| Settlement date: | Aug. 7
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| Stock symbol: | TSX Venture: OCA.P
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| Stock price: | C$0.15 at close April 30
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| Market capitalization: | C$1.63 million
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