By Laura Lutz
Washington, Feb. 20 - Ecopia Biosciences Inc. increased the size of its previously announced private placement of units to C$45 million. The placement will be completed in connection with Ecopia's merger with Caprion Pharmaceuticals Inc., which is privately held.
Investors have committed to subscribe for 180 million units of the combined company at C$0.25 per unit. Each unit will include one share and one half-share warrant with each whole warrant exercisable at C$0.375 for three years.
The placement originally priced on Jan. 4 as an offering of units for at least C$30 million.
Picchio Pharma Inc. agreed to subscribe for C$4 million. Picchio is a joint venture owned by FMRC Family Trust and Power Technology Investment Corp, a subsidiary of Power Corp. of Canada.
The deal will be conducted through a syndicate of agents co-led by Desjardins Securities Inc. and Dundee Securities Inc. and including Loewen, Ondaatje, McCutcheon Ltd. and Versant Partners Inc.
Based in Montreal, Ecopia is a biopharmaceutical company focused on developing anticancer therapies from soil-dwelling microorganisms.
| Issuer: | Ecopia BioSciences Inc. and Caprion Pharmaceuticals Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$45 million
|
| Units: | 180 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.375
|
| Investor: | Picchio Pharma Inc. (for C$4 million)
|
| Agents: | Desjardins Securities Inc. (lead); Dundee Securities Inc. (lead); Loewen, Ondaatje, McCutcheon Ltd.; Versant Partners Inc.
|
| Pricing date: | Jan. 4
|
| Upsized: | Feb. 20
|
| Stock symbol: | Ecopia: Toronto: EIA
|
| Stock price: | C$0.49 at close Jan. 4
|
| Stock price: | C$0.39 at close Feb. 19
|
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