Units with two-year warrants finance development of research programs
By Devika Patel
Knoxville, Tenn., May 8 - Lorus Therapeutics Inc. said it will conduct a C$5 million private placement of units.
The company will sell 15,625,000 units of one common share and one warrant at C$0.32 per unit. Each two-year warrant will be exercisable at C$0.45. The strike price is a 12.5% premium to C$0.40, the May 7 closing share price.
PowerOne Capital Markets Ltd. will be paid a 6% finder's fee.
Proceeds will be used for development of the company's research programs and general and administrative purposes.
Toronto-based Lorus develops therapeutics and technologies to treat cancer.
| Issuer: | Lorus Therapeutics Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$5 million
|
| Units: | 15,625,000
|
| Price: | C$0.32
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.45
|
| Pricing date: | May 8
|
| Stock symbol: | Toronto: LOR
|
| Stock price: | C$0.40 at close May 7
|
| Market capitalization: | C$6.35 million
|
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