Proceeds of non-brokered deal earmarked for research and development
By Marisa Wong
Madison, Wis., Nov. 3 - Miraculins Inc. said it will raise up to C$1 million through a non-brokered private placement of units.
The company will sell up to 8,333,334 units at C$0.12 apiece. Each unit is comprised of one common share and one half-share warrant.
Each warrant entitles the holder to purchase Miraculins stock at C$0.18 per share for 12 months from the date of issuance. The strike price represents a 50% premium to the Nov. 2 closing share price of C$0.12.
The warrants are callable at any time after six months from closing if Miraculins shares trade at or above C$0.25 for any five out of 10 consecutive trading days.
Proceeds will be used for the company's research and development program and for working capital purposes.
Based in Winnipeg, Man., Miraculins is a medical diagnostic development company focused on non-invasive tests for unmet clinical needs.
| Issuer: | Miraculins Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | Up to C$1 million
|
| Units: | Up to 8,333,334
|
| Price: | C$0.12
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration; | 12 months
|
| Warrant strike price: | C$0.18
|
| Agent: | Non-brokered
|
| Announcement date: | Nov. 3
|
| Stock symbol: | TSX Venture: MOM
|
| Stock price: | C$0.12 at close Nov. 2
|
| Market capitalization: | C$6.83 million
|
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