By Sheri Kasprzak
Atlanta, Feb. 28 - Ecopia BioSciences Inc. said underwriters exercised the over-allotment option on its previously announced C$9 million private placement, bringing the total offering to C$9.9 million.
A syndicate of underwriters led by Desjardins Securities Inc. and including First Associates Investments Inc. and Orion Securities Inc. exercised an option for an additional 1 million units in the deal at C$0.90 each.
The total private placement, including the greenshoe, consists of 11 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 scheduled to close March 8.
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$9.9 million (includes greenshoe for C$900,000)
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Units: | 11 million (includes greenshoe for 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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Greenshoe exercised: | Feb. 28
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Settlement date: | March 8
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Stock price: | C$0.93 at close Feb. 25
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Stock price: | C$0.93 at close Feb. 28
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