By Sheri Kasprzak
Atlanta, April 13 - EquiTech Corp. said it plans to raise up to C$3 million in a private placement.
The offering includes 6 million units at C$0.50 each.
The units are comprised of one share and one half-share warrant. The whole warrants provide for an additional share at C$0.75 each for 18 months.
Dominick & Dominick Securities Inc. is the placement agent in the deal, which is expected to close June 30.
Based in Calgary, Alta., EquiTech is a pharmaceutical company that produces oral pain medications. The proceeds will be used to fund clinical trials. The remainder will be used for working capital.
| Issuer: | EquiTech Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$3 million (maximum)
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| Units: | 6 million (maximum)
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| Price: | C$0.50
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.75
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| Placement agent: | Dominick & Dominick Securities Inc.
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| Pricing date: | April 13
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| Settlement date: | June 30
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| Stock price: | C$0.45 at close April 12
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