Oversubscribed offering raises funds for drug research and development
By Devika Patel
Knoxville, Tenn., Oct. 28 - Sirona Biochem Corp. said it sold 10.49 million units at C$0.10 apiece in a non-brokered private placement of units. The deal was oversubscribed and raised C$1.05 million.
The company sold units of one common share and one warrant. Each two-year warrant will be exercisable at C$0.20.
The strike price reflects a 4.76% discount to the Oct. 27 closing share price of C$0.21.
Proceeds will be used to advance the company's research and development activities related to its drug candidates for diabetes and obesity, to complete its acquisition of TFChem and for general working capital.
The biotechnology company is based in Vancouver, B.C.
| Issuer: | Sirona Biochem Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,049,000
|
| Units: | 10.49 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Settlement date: | Oct. 28
|
| Stock symbol: | TSX Venture: SBM
|
| Stock price: | C$0.21 at close Oct. 27
|
| Market capitalization: | C$5.63 million
|
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