By Sheri Kasprzak
Atlanta, Feb. 25 - Ecopia BioSciences Inc. said it will head to the private placement market with a C$9 million offering.
The deal includes 10 million units at C$0.90 each. The units are comprised of one share and one third-share warrant.
The whole warrants allow for an additional share at C$1.03 each for two years.
The offering is expected to close March 8.
The private placement is being conducted through a syndicate of underwriters led by Desjardins Securities Inc. and including First Associates Investments Inc. and Orion Securities Inc.
The underwriters have an over-allotment option in the deal for up to 1 million additional units, exercisable until Feb. 28.
Based in Montreal, Ecopia is focused on advancing treatments for brain cancer. The proceeds from the offering will be used for working capital, product development and general corporate purposes.
| Issuer: | Ecopia BioSciences Inc.
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| Issue: | Units of one share and one third-share warrant
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| Amount: | C$9 million
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| Units: | 10 million
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| Greenshoe: | Up to 1 million units
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| Price: | C$0.90
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| Warrants: | One third-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.03
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| Underwriters: | Desjardins Securities Inc. (lead); First Associates Investments Inc.; Orion Securities Inc.
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| Pricing date: | Feb. 25
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| Settlement date: | March 8
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| Stock price: | C$1.01 at close Feb. 24
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