Company sells units of common shares, 18-month warrants at C$0.16 each
By Devika Patel
Knoxville, Tenn., April 10 - Critical Outcome Technologies Inc. said it settled a C$1 million second tranche of a C$1.5 million non-brokered private placement of units. The company raised C$500,000 on March 26.
The company has so far sold a total of 9,375,000 units of one common share and one warrant at C$0.16 per unit. It sold 3,125,000 units in the first tranche and 6.25 million units at that price in the second.
The warrants are each exercisable at C$0.30 for 18 months. The strike price reflects a 20% premium to the March 23 closing share price of C$0.25.
"We are very pleased to have strengthened our balance sheet by completing this part of our private placement initiative," board chairman John Drake said of the financing in a press release.
"These funds enable us to continue to move forward expeditiously in completing final experiments for our lead oncology compound, COTI-2, and preparing our investigational new drug submission to the United States Food and Drug Administration."
Based in London, Ont., Critical helps deliver new drug therapies.
Issuer: | Critical Outcome Technologies Inc.
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Issue: | Units of one common share and one warrant
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Amount: | C$1.5 million
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Units: | 9,375,000
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Price: | C$0.16
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Warrants: | One warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$0.30
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Agent: | Non-brokered
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Settlement date: | March 26 (for C$500,000), April 10 (for C$1 million)
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Stock symbol: | TSX Venture: COT
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Stock price: | C$0.25 at close March 23
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Market capitalization: | C$13.27 million
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