Offering sells units of common shares, two-year warrants at C$0.15
By Devika Patel
Knoxville, Tenn., June 22 - Medifocus Inc. said it raised C$3.33 million in the second and final tranche of a C$6.09 million private placement of units. The deal priced for C$2 million on March 16 and was subsequently oversubscribed and increased to C$7 million on May 22. The company raised C$2.76 million on June 11, when it reduced the size of the placement to C$6.09 million.
The company sold a total of 40,567,253 units of one common share and one warrant at C$0.15 per unit. It sold 18,367,253 units in the first tranche and 22.2 million units in the second tranche.
The warrants are each exercisable at C$0.20 for two years. The strike price is identical to the May 21 closing share price.
Integrated Asset Management (ASIA) Ltd. invested C$2 million and Gwynneth Gold Ltd. invested C$1.33 million.
Proceeds will be used primarily for working capital and to continue the phase III clinical trials using Medifocus Microfocus APA 1000 System to treat breast cancer.
The Burlington, Ont., company is developing minimally invasive, focused-heat tumor-targeted cancer treatment devices and systems.
| Issuer: | Medifocus Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$6,085,088
|
| Units: | 40,567,253
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Investors: | Integrated Asset Management (ASIA) Ltd. (for C$2 million), Gwynneth Gold Ltd. (for C$1.33 million)
|
| Pricing date: | March 16
|
| Revised: | May 22, June 11
|
| Settlement dates: | June 11 (for C$2,755,088), June 22 (for C$3.33 million)
|
| Stock symbol: | TSX Venture: MFS
|
| Stock price: | C$0.20 at close May 21
|
| Market capitalization: | C$6.84 million
|
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