Three-year equity sale reached with Dutchess Opportunity Cayman Fund
By Devika Patel
Knoxville, Tenn., Dec. 5 - iCo Therapeutics Inc. announced further details about a C$10 million equity line facility. The three-year agreement with Dutchess Opportunity Cayman Fund Ltd. was announced on April 14.
The investor will buy company common shares in tranches equal to the greater of C$250,000 and 200% of the product of the average daily volume of the shares for the three trading days immediately preceding the put notification date and the average closing price of the shares over the same time period. The number of shares sold in any one-year period may not exceed 19.9% of the outstanding stock at the beginning of that year.
The shares will be sold at a purchase price equal to 95% of the lowest daily volume-weighted average price per share during the five consecutive trading days immediately following the put notification date. The price, however, may not be lower than the volume-weighted average price of the stock during the pricing period.
Based in Vancouver, B.C., iCo Therapeutics is a development-stage specialty pharmaceutical company focused on the reprofiling and repositioning of drugs and drug candidates with a clinical history for new disease indications.
| Issuer: | iCo Therapeutics Inc.
|
| Issue: | Equity line facility
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| Amount: | C$10 million
|
| Tenor: | Three years
|
| Price: | 5% discount
|
| Warrants: | No
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| Investor: | Dutchess Opportunity Cayman Fund Ltd.
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| Announcement date: | April 14
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| Pricing date: | Dec. 5
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| Stock symbol: | TSX Venture: ICO
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| Stock price: | C$0.25 at close Dec. 2
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| Market capitalization: | C$10.26 million
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