Deal helps acquire Trillium for $1.5 million plus $4 million in stock
By Devika Patel
Knoxville, Tenn., Jan. 28 – Vivione Biosciences Inc. said it will raise C$10 million in a private placement of stock.
The company will sell 28,571,429 common shares at C$0.35 each on a best-efforts basis. The price per share is a 75% premium to the Jan. 27 closing share price of C$0.20.
Settlement is expected in April.
Proceeds will be used to acquire Trillium Diagnostics for $1.5 million in cash and $4 million in class A or class B common shares, along with subsequent milestone-related contingent purchase payments of up to $9.5 million in cash or stock over a 64-month period after the acquisition settles.
The stock issued in the acquisition will be comprised of 20% class A voting common shares and 80% class B non-voting common shares and will be priced at market values, with a floor price of C$0.35 per share.
The life sciences diagnostic company is based in Calgary, Alta.
| Issuer: | Vivione Biosciences Inc.
|
| Issue: | Common stock
|
| Amount: | C$10 million
|
| Shares: | 28,571,429
|
| Price: | C$0.35
|
| Warrants: | No
|
| Pricing date: | Jan. 28
|
| Stock symbol: | TSX Venture: VBI
|
| Stock price: | C$0.20 at close Jan. 27
|
| Market capitalization: | C$7.27 million
|
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