By Sheri Kasprzak
New York, Nov. 13 - MonoGen, Inc. is gearing up to wrap an C$18,535,000 private placement of its stock.
The company plans to issue 33.7 million shares at C$0.55 apiece. The price per share is a 29.5% discount to the company's C$0.78 closing stock price on Friday.
The non-brokered deal is expected to close Tuesday.
Proceeds from the financing will be used to develop new products and to accelerate the commercialization of the company's MonoPrep product used to collect samples during Pap tests for cervical cancer.
Also, MonoGen said it plans to complete a stock consolidation in the range of 1-for-10 to 1-for-15 before Sept. 30, 2007.
Based in Montreal, MonoGen is a medical device company focused on products to collect samples for medical testing.
| Issuer: | MonoGen, Inc.
|
| Issue: | Stock
|
| Amount: | C$18,535,000
|
| Shares: | 33.7 million
|
| Price: | C$0.55
|
| Warrants: | No
|
| Placement agent: | Non-brokered
|
| Announcement date: | Nov. 13
|
| Settlement date: | Nov. 14
|
| Stock symbol: | Toronto: MOG
|
| Stock price: | C$0.78 at close Nov. 10
|
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