Offering sells units of common shares, two-year warrants at C$0.15
By Devika Patel
Knoxville, Tenn., Sept. 21 - Medifocus Inc. said it completed a C$3.33 million non-brokered private placement of units.
The company sold 22,196,795 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 81.82% premium to the Sept. 20 closing share price of C$0.11.
Proceeds will be used primarily for working capital and to continue the phase III clinical trials using Medifocus Microfocus APA 1000 System to treat breast cancer.
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$3,329,520
|
| Units: | 22,196,795
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Settlement date: | Sept. 21
|
| Stock symbol: | TSX Venture: MFS
|
| Stock price: | C$0.11 at close Sept. 20
|
| Market capitalization: | C$9.07 million
|
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