By Devika Patel
Knoxville, Tenn., June 28 - LAB Research, Inc. said it arranged a C$10 million line of credit with Dutchess Opportunity Cayman Fund Ltd.
Dutchess has committed to purchase up to C$10 million of the company's common shares over two years.
The shares will be sold at a price equal to 97% of the prevailing price of the stock.
LAB Research, based in Laval, Quebec, provides non-clinical contract research services to the pharmaceutical and biotechnology industries.
| Issuer: | LAB Research, Inc.
|
| Issue: | Equity line of credit
|
| Amount: | C$10 million
|
| Tenor: | Two years
|
| Price: | 97% of the prevailing price of stock
|
| Warrants: | No
|
| Investor: | Dutchess Opportunity Cayman Fund Ltd.
|
| Pricing date: | June 28
|
| Stock symbol: | Toronto: LRI
|
| Stock price: | C$0.33 at close June 28
|
| Market capitalization: | C$17.4 million
|
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