Deal sells 16 million units of one share, a warrant at $0.80 per unit
By Devika Patel
Knoxville, Tenn., April 27 – Bionik Laboratories Corp. completed a $2.49 million fourth tranche of a private placement of units on April 21, according to an 8-K filed Monday with the Securities and Exchange Commission. It raised $6.19 million on Feb. 26, $970,000 on March 27 and $713,000 on March 31.
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 $10.36 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, 891,250 units in the third tranche and 3,115,000 units in the fourth 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), April 21 (for $2,492,000)
|
| Stock symbol: | OTCBB: BNKL
|
| Stock price: | $2.23 at close March 31
|
| Market capitalization: | $142.87 million
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