By Laura Lutz
Des Moines, Oct. 31 - Norwood Immunology Ltd. priced a private placement of shares for £6.6 million.
The company intends to sell 55 million ordinary shares at 12p each.
KBC Hunt Ltd. will act as agent for 35,833,333 shares.
In addition, the company announced that it arranged an increase to A$2 million from A$1 million its secured facility agreement with Indus Opportunity Master Fund, Ltd. The agreement also extends loan repayment terms to June 30, 2008. The loan, which was settled in September 2006, was originally a draw-down facility for up to A$1 million, repayable within 12 months of the first drawing of funds and bearing monthly interest.
Indus was also granted the option to convert any of its outstanding loan balance in ordinary shares at an issue price of £0.12 per share.
Norwood also plans to issue 48,014,489 shares as consideration for a proposed acquisition of all of the issued shares of Bestewil Holding BV and its 100% subsidiary Virosome Biologicals BV.
Proceeds of the placement will be used to fund the acquisition and for research, development and clinical trials for the pipelines of Norwood and Virosome.
Settlement of the placement and acquisition are conditioned on shareholder approval at a Nov. 27 extraordinary general meeting.
Norwood is a Victoria, B.C.-based pharmaceutical company focused on therapies for immune system improvements. Virosome develops a platform to enable vaccine technology.
| Issuer: | Norwood Immunology Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | £6.6 million
|
| Shares: | 55 million
|
| Price: | 12p
|
| Warrants: | No
|
| Agent: | KBC Hunt Ltd. (for 35,833,333 shares)
|
| Pricing date: | Oct. 31
|
| Stock symbol: | London: NIM
|
| Stock price: | 20p at close Oct. 30
|
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