By Devika Patel
Knoxville, Tenn., July 15 - Advitech Inc. said it plans a C$1.5 million non-brokered private placement of units.
The company will sell 15 million units at C$0.05 apiece to each of AgeChem Venture Fund, LP and Avrio Ventures LP. Each unit consists of one common share and one warrant. Each warrant is exercisable at C$0.10 for two years.
Settlement is expected July 21.
Proceeds will be used for working capital and general corporate purposes.
Advitech is a Montreal biotechnology company.
| Issuer: | Advitech Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.5 million
|
| Units: | 30 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Agents: | Non-brokered
|
| Investor: | AgeChem Venture Fund, LP (for C$750,000) and Avrio Ventures LP (for C$750,000)
|
| Pricing date: | July 15
|
| Settlement date: | July 21
|
| Stock symbol: | TSX Venture: CRC
|
| Stock price: | C$0.04 at close July 15
|
| Market capitalization: | C$3.29 million
|
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