By Laura Lutz
Des Moines, May 24 - BCY LifeSciences Inc. closed a private placement of units for C$1 million.
The company sold 20 million units of one share and one warrant at C$0.05 per unit. Each warrant will be exercisable at C$0.10 until May 17, 2009.
The placement will be non-brokered.
Proceeds will be used to retire debt, for working capital and for investigation of opportunities in other fields.
BCY is a pharmaceutical development company based in Toronto.
Issuer: | BCY LifeSciences Inc.
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Issue: | Units of one share and one warrant
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Amount: | C$1 million
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Units: | 20 million
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Price: | C$0.05
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Warrants: | One per unit
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Warrant expiration: | May 17, 2009
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Warrant strike price: | C$0.10
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Agent: | Non-brokered
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Settlement date: | May 24
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Stock symbol: | TSX Venture: BCY
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Stock price: | C$0.215 at close May 23
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