Non-brokered deal sells 732,266 units to fund general working capital
By Devika Patel
Knoxville, Tenn., Dec. 3 – Fennec Pharmaceuticals Inc. said it completed a $2.2 million non-brokered private placement of units.
The company sold 732,266 units of one common share and one half-share, two-year warrant at C$3.00 per unit. The strike price reflects a 14.94% premium to the Dec. 2 closing share price of C$2.61.
Proceeds will be used for general working capital.
The biopharmaceutical company is based in Research Triangle Park, N.C.
| Issuer: | Fennec Pharmaceuticals Inc.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | $2,196,798
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| Units: | 732,266
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| Price: | $3.00
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Agent: | Non-brokered
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| Settlement date: | Dec. 3
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| Stock symbol: | Toronto: FRX
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| Stock price: | C$2.61 at close Dec. 2
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| Market capitalization: | C$23.1 million
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