By Laura Lutz
Des Moines, Nov. 20 - ConjuChem Biotechnologies Inc. announced plans for a C$22 million offering of convertible debenture units.
Dundee Securities Corp. is the lead underwriter.
The deal is expected to consist of 22,000 units at C$1,000 apiece. Each unit consists of C$1,000 principal amount of convertible debentures and warrants for one-quarter the number of shares into which the debentures are convertible.
The debentures mature on Dec. 31, 2010 and bear interest at 8% per year. The conversion price is C$0.16 per share.
The warrants are exercisable at C$0.25 for four years.
Dundee has a greenshoe for C$3 million, exercisable until 24 hours before closing.
Settlement is expected on Dec. 13.
Proceeds will be used for advancement of the company's PC-DACTM:Exendin-4 product, working capital and general corporate purposes.
ConjuChem is a Montreal-based developer of therapeutic peptides.
| Issuer: | ConjuChem Biotechnologies Inc.
|
| Issue: | Units of C$1,000 principal amount of convertible debentures and warrants for one-quarter number of shares into which debentures are convertible
|
| Amount: | C$22 million
|
| Greenshoe: | C$3 million
|
| Maturity: | Dec. 31, 2010
|
| Units: | 22,000
|
| Unit price: | C$1,000
|
| Coupon: | 8%
|
| Yield: | 8%
|
| Conversion price: | C$0.16
|
| Warrants: | For one-quarter number of shares into which debentures are convertible
|
| Warrant expiration: | Four years
|
| Warrant strike price: | C$0.25
|
| Underwriter: | Dundee Securities Corp.
|
| Announcement date: | Nov. 20
|
| Settlement date: | Dec. 13
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
