By Angela McDaniels
Tacoma, Wash., Oct. 8 - Med BioGene Inc. said it sold an additional C$360,000 of units, raising its previously announced non-brokered private placement to C$1.96 million.
The company raised C$1.23 million in the first tranche on June 5 and C$366,121 in the second tranche on June 25.
Each unit sold for C$0.08 and consists of one share and a half-share purchase warrant. The whole warrants are exercisable at C$0.10 for two years.
The expiration of the warrants can be accelerated if Med BioGene's stock closes above C$0.30 for 20 consecutive trading days.
The company sold 15,423,488 units in the first tranche, 4,576,513 units in the second tranche and 4.5 million units in the latest tranche.
SEP Capital Corp. was the investor for the latest tranche, and Berkeley Capital Corp. II purchased C$620,600 of units in the previous tranches.
Proceeds will be used of the placement for the development and commercialization of LungExpress Dx and for general corporate purposes.
Vancouver, B.C.-based Med BioGene is a biotechnology company focused on development and commercialization of genomic-based personalized clinical laboratory diagnostic tests.
| Issuer: | Med BioGene Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1.96 million
|
| Units: | 24,500,001
|
| Price: | C$0.08
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Investors: | Berkeley Capital Corp. II (for C$620,600); SEP Capital Corp. (for C$360,000)
|
| Pricing date: | April 22
|
| Settlement dates: | June 5 (for C$1,233,879), June 25 (for C$366,121), Oct. 8 (for C$360,000)
|
| Stock symbol: | TSX Venture: MBI
|
| Stock price: | C$0.06 at close April 22
|
| Market capitalization: | C$3.1 million
|
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