By Devika Patel
Knoxville, Tenn., May 30 - IRI Separation Technologies Inc. said it will raise C$1 million in a non-brokered private placement of units.
The company will sell up to 5 million units at C$0.20 apiece. Each unit consists of one common share and a half-share warrant. The whole warrants are exercisable at C$0.30 for two years.
There is a 10% greenshoe for 500,000 units, or C$100,000.
Proceeds will be used for general working capital and marketing funds for the initial launch of the company's MUNO product.
IRI is a biotechnology company based in Vancouver, B.C.
| Issuer: | IRI Separation Technologies Inc.
|
| Issue: | Units of one common share and a half- share warrant
|
| Amount: | C$1 million
|
| Greenshoe: | C$100,000 (10%)
|
| Units: | 5 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | May 30
|
| Stock symbol: | TSX Venture: IRI
|
| Stock price: | C$0.17 at close May 29
|
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