Pharmaceutical company sells 5,575,000 units in non-brokered offering
By Devika Patel
Knoxville, Tenn., Nov. 2 - iCo Therapeutics Inc. said it completed a C$1.12 million non-brokered private placement of units.
The company sold 5,575,000 units of one common share and one two-year warrant at C$0.20 per unit. The warrants are each exercisable at C$0.25 in the first year and at C$0.30 in the second.
The strike prices are identical and a 20% premium to the Nov. 1 closing share price of C$0.25.
Proceeds will be used to support the phase 2 clinical program for iCo-007 and for working capital and general corporate purposes.
Based in Vancouver, B.C., iCo Therapeutics is a pharmaceutical company focused on re-dosing or reformulating existing drugs for new or expanded indications.
| Issuer: | iCo Therapeutics Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,115,000
|
| Units: | 5,575,000
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike prices: | C$0.25 in the first year, C$0.30 in the second year
|
| Agent: | Non-brokered
|
| Settlement date: | Nov. 2
|
| Stock symbol: | TSX Venture: ICO
|
| Stock price: | C$0.25 at close Nov. 1
|
| Market capitalization: | C$10.47 million
|
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