By Laura Lutz
Des Moines, June 27 - IRI Separation Technologies Inc. arranged a private placement of units for up to C$3 million.
The company plans to sell up to 7.5 million units of one share and one half-share non-transferable warrant at C$0.40 per unit. Each whole warrant will be exercisable at C$0.65 for one year.
There is a greenshoe for up to 1.125 million additional units.
The placement will be non-brokered.
Settlement is expected on July 20.
Proceeds will be used to purchase additional equipment and for working capital.
IRI is a biotechnology company based in Vancouver, B.C.
| Issuer: | IRI Separation Technologies Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$3 million
|
| Units: | 7.5 million
|
| Greenshoe: | For 1.125 million shares
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.65
|
| Agent: | Non-brokered
|
| Pricing date: | June 27
|
| Settlement date: | July 20
|
| Stock symbol: | TSX Venture: IRI
|
| Stock price: | C$0.40 at close June 26
|
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