By Devika Patel
Knoxville, Tenn., May 23 - InNexus Biotechnology Inc. announced it has negotiated a C$4 million private placement of units with Dundee Securities Corp.
The company will sell units at C$0.25 each. The units consist of one common share and one warrant with each warrant exercisable at C$0.35 for five years.
Proceeds will be used to fund and support InNexus' research and development programs. The balance will be allocated to fund other research and development programs, working capital and current corporate needs.
Based in Vancouver, B.C., InNexus is a biotechnology company focused on the development of the next generation of monoclonal antibodies using its Dynamic Cross-linking technology.
| Issuer: | InNexus Biotechnology Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$4 million
|
| Units: | 16 million
|
| Price: | C$0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.35
|
| Agent: | Dundee Securities Corp.
|
| Pricing date: | May 23
|
| Stock symbol: | TSX Venture: IXS
|
| Stock price: | C$0.315 at close May 22
|
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