Offering sells units of common shares, two-year warrants at C$0.15
By Devika Patel
Knoxville, Tenn., Nov. 30 - Medifocus Inc. said it plans a C$1 million non-brokered private placement of units.
The company will sell 6,666,666 units of one common share and one warrant at C$0.15 per unit. The warrants are each exercisable at C$0.20 for two years. The strike price is an 11.11% premium to the Nov. 20 closing share price of C$0.18.
Proceeds will be used primarily to commercialize the Prolieve line of business, for working capital and to continue Medifocus' phase III clinical trials.
The Burlington, Ont., company is developing minimally invasive, focused-heat tumor-targeted cancer treatment devices and systems.
| Issuer: | Medifocus Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1 million
|
| Units: | 6,666,666
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 30
|
| Stock symbol: | TSX Venture: MFS
|
| Stock price: | C$0.18 at close Nov. 29
|
| Market capitalization: | C$19.26 million
|
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