Company requires capital to be able to continue as a going concern
By Devika Patel
Knoxville, Tenn., May 25 - Biosign Technologies Inc. said it plans a C$2.1 million non-brokered private placement of units. Shareholders may participate.
The company will sell 21 million units of one common share and one half-share warrant at C$0.10 per unit. Each whole warrant is exercisable at C$0.15 for one year. The strike price reflects an 87.5% premium to the May 24 closing share price of C$0.08.
Proceeds will be used for working capital and general corporate purposes.
The company also said it has limited financial resources and imminently requires capital to be able to continue as a going concern.
Toronto-based Biosign develops monitors to detect diseases-like hypertension and diabetes.
| Issuer: | Biosign Technologies Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2.1 million
|
| Units: | 21 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
|
| Pricing date: | May 25
|
| Stock symbol: | TSX Venture: BIO
|
| Stock price: | C$0.08 at close May 24
|
| Market capitalization: | C$7.03 million
|
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