By Laura Lutz
Des Moines, April 24 - Adaltis Inc. announced plans for a private placement of shares with warrants for C$28,067,501.
The company intends to sell 16,038,572 shares to institutional investors at C$1.75 each.
The investors will also receive warrants for 5,613,498 shares. The warrants will be exercisable at C$2.20 per share for five years.
Most of the investors are U.S. institutional investors. Shareholders of Picchio Pharma Inc. - a company jointly owned by a trust of which Francesco Bellini, the chairman of the board of Adaltis, is a beneficiary - and Power Technology Investment Corp. will also participate in the offering.
Settlement is expected on May 2.
Proceeds will be used for working capital and general operating purposes.
Lazard Freres & Co. LLC is the placement agent.
Montreal-based Adaltis develops in vitro diagnostic technologies.
| Issuer: | Adaltis Inc.
|
| Issue: | Shares
|
| Amount: | C$28,067,501
|
| Shares: | 16,038,572
|
| Price: | C$1.75
|
| Warrants: | For 5,613,498 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$2.20
|
| Agent: | Lazard Freres & Co. LLC
|
| Pricing date: | April 24
|
| Settlement date: | May 2
|
| Stock symbol: | Toronto: ADS
|
| Stock price: | C$2.05 at close April 23
|
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