Company also plans to acquire a majority stake in subsidiary Agrisoma
By Devika Patel
Knoxville, Tenn., Nov. 13 - Calyx Bio-Ventures Inc. said it raised C$2.45 million in the first tranche of a C$4 million private placement of units on Monday. The deal is being conducted by agent Canaccord Genuity Corp. and priced with a C$1 million greenshoe on Oct. 23.
The company is selling 13,333,333 units of one common share and one half-share warrant at C$0.30 per unit. It sold 8,163,999 units in the initial tranche.
Each whole warrant is exercisable at C$0.60 for one year. The strike price is a 76.71% premium to the Oct. 22 closing share price of C$0.34.
The company also said at pricing that it has reached agreements with its minority-owned operating subsidiary, Agrisoma Biosciences Inc., and with Agrisoma's other minority shareholders to acquire a majority stake in Agrisoma.
Proceeds will be used for the corporate development of Agrisoma and for general working capital.
Calyx is a gene therapy and transgenics company in North Vancouver, B.C.
| Issuer: | Calyx Bio-Ventures Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$4 million
|
| Greenshoe: | C$1 million
|
| Units: | 13,333,333
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.60
|
| Agent: | Canaccord Genuity Corp.
|
| Pricing date: | Oct. 23
|
| Settlement date: | Nov. 12 (for C$2,449,200)
|
| Stock symbol: | TSX Venture: CYX
|
| Stock price: | C$0.34 at close Oct. 22
|
| Market capitalization: | C$5.27 million
|
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