Company sells 16,666,667 shares at C$0.30 apiece to Toray Industries
By Devika Patel
Knoxville, Tenn., March 7 - Spectral Diagnostics Inc. said it plans a C$5 million private placement of stock with Toray Industries, Inc.
The company will sell 16,666,667 common shares at C$0.30 apiece, which is a 30.44% premium to the March 6 closing share price of C$0.23.
Settlement is expected at the beginning of April.
Proceeds will be used to support the company's Euphrates clinical trial and for general corporate purposes.
"This strategic investment not only provides additional funds for our clinical trial, but also strengthens the existing collaborative relationship we have with Toray," vice president and chief financial officer Anthony Businskas said in a press release. "We will work with Toray to complete clinical research for U.S. FDA market approval of Toraymyxin, and we will seek to further expand acceptance of the EAATM/ Toraymyxin theranostic in jurisdictions outside of Japan."
Spectral, based in Toronto, develops disease-management technologies.
| Issuer: | Spectral Diagnostics Inc.
|
| Issue: | Common shares
|
| Amount: | C$5 million
|
| Shares: | 16,666,667
|
| Price: | C$0.30
|
| Warrants: | No
|
| Investor: | Toray Industries, Inc.
|
| Pricing date: | March 7
|
| Stock symbol: | Toronto: SDI
|
| Stock price: | C$0.23 at close March 6
|
| Market capitalization: | C$28.47 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
