By Sheri Kasprzak
New York, Feb. 14 - YM Biosciences Inc. said it is gearing up to close a $40,375,000 direct placement.
The company plans to sell 9.5 million shares at $4.25 each to a group of institutional investors led by Great Point Partners, LLC. The price per share is a 19% discount to the company's closing stock price of $5.29 on Feb. 13.
The shares will be sold under YM's shelf registration.
SG Cowen & Co., LLC is the bookrunner with Dundee Securities Corp. and Canaccord Capital Corp. as placement agents.
The deal is slated to close Feb. 17.
Proceeds will be used for the company's drug development activities, as well as for general corporate purposes.
Based in Mississauga, Ont., YM develops treatments for cancer.
| Issuer: | YM Biosciences Inc.
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| Issue: | Stock
|
| Amount: | $40,375,000
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| Shares: | 9.5 million
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| Price: | $4.25
|
| Warrants: | No
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| Placement agents: | SG Cowen & Co., LLC (lead), Dundee Securities Corp., Canaccord Capital Corp.
|
| Investor: | Great Point Partners, LLC (lead)
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| Announcement date: | Feb. 14
|
| Settlement date: | Feb. 17
|
| Stock symbol: | AMEX: YMI
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| Stock price: | $4.68 at close Feb. 14
|
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