By Sheri Kasprzak
Atlanta, Dec. 6 - Kane Biotech Inc. said Monday it plans to raise C$1.2 million in a non-brokered private placement.
The company will issue 3 million shares at C$0.40 each.
The offering is expected to close Jan. 5.
Also on Monday, Kane said it has retained Crowthorn Capital Corp. to provide corporate advisory services for the coming year.
Kane is a Winnipeg, Man.-based biotechnology company focused on the development of products to prevent and disperse bacterial biofilms. The company plans to use the proceeds from the offering for research, development and working capital.
| Issuer: | Kane Biotech Inc.
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| Issue: | Stock
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| Amount: | C$1.2 million
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| Shares: | 3 million
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| Price: | C$0.40
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| Warrants: | No
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| Announcement date: | Dec. 6
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| Settlement date: | Jan. 5
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| Stock price: | C$0.54 at close Dec. 6
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