Deal sells 16 million units of one share, a warrant at $0.80 per unit
By Devika Patel
Knoxville, Tenn., April 1 – Bionik Laboratories Corp. completed a $713,000 third tranche of a private placement of units on March 31, according to an 8-K filed Wednesday with the Securities and Exchange Commission. It raised $6.19 million on Feb. 26 and also raised $970,000 in a second tranche on March 27.
The offering could raise up to $12.8 million, the company reported in the 8-K, and priced for between $6 million and $12.8 million, which includes a greenshoe. Bionik has raised $7.87 million thus far.
The company is selling up to 16 million units of one common share and one warrant at $0.80 per unit. It sold 7,735,750 units in the first tranche, 1,212,500 units in the second tranche and 891,250 units in the third tranche.
Each four-year warrant is initially exercisable at $1.40, a 37.22% discount to the March 31 closing share price of $2.23.
The medical device and robotics company is based in Toronto.
| Issuer: | Bionik Laboratories Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $12.8 million (maximum, including greenshoe)
|
| Units: | 16 million (maximum)
|
| Price: | $0.80
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $1.40
|
| Announcement date: | April 1
|
| Settlement dates: | Feb. 26 (for $6,188,600), March 27 (for $970,000), March 31 (for $713,000)
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| Stock symbol: | OTCBB: BNKL
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| Stock price: | $2.23 at close March 31
|
| Market capitalization: | $5.03 million
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