Company to sell up to 2 million units for added working capital
By Marisa Wong
Madison, Wis., Oct. 22 - biOasis Technologies Inc. announced it plans to raise up to C$1 million through a non-brokered private placement of up to 2 million units at a price of C$0.50 per unit. There is a greenshoe for up to 20%.
Each unit will consist of one common share and one half-share warrant. Each whole warrant entitles the holder to purchase one common share at an exercise price of C$0.70 for a period of one year from the date of issue. The strike price represents a 42.86% premium to the Oct. 21 closing share price of C$0.49.
The warrants are subject to an early exercise, if after four months and one day from closing of the placement, the volume-weighted average trading price of the company's stock is above C$0.90 for 20 consecutive trading days, in which case the warrants will expire within 30 days of a notice from the company.
Proceeds will be added to working capital to further the company's business.
biOasis is a Vancouver, B.C.-based biopharmaceutical company that develops and commercializes products for the diagnosis and treatment of neurological diseases and disorders.
| Issuer: | biOasis Technologies Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1 million
|
| Units: | 2 million
|
| Price: | C$0.50
|
| Greenshoe: | 20%
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.70
|
| Announcement date: | Oct. 22
|
| Stock symbol: | TSX Venture: BTI
|
| Stock price: | C$0.49 at close Oct. 21
|
| Market capitalization: | C$13.66 million
|
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