By Angela McDaniels
Seattle, Oct. 20 - Ondine Biopharma Corp. plans to sell C$10 million of its common shares, according to a company news release.
The offering includes 6.25 million common shares at C$1.60 each.
Canaccord Capital Corp. is the lead underwriter for the offering. The underwriting syndicate also includes Desjardins Securities Inc. and Pacific International Securities Inc.
The offering is expected to close on Nov. 9.
Ondine has granted the underwriters a C$1.5 million over-allotment option for an additional 937,500 shares.
The offering is subject to certain conditions, including the receipt of the approval of the Toronto Stock Exchange.
Proceeds will be used to finance further development of the company's Periowave for the treatment of chronic periodontitis and for general corporate purposes.
Ondine is based in Vancouver, B.C., and develops non-antibiotic therapies for the treatment of bacterial, fungal and viral infections.
| Issuer: | Ondine Biopharma Corp.
|
| Issue: | Stock
|
| Amount: | C$10 million
|
| Shares: | 6.25 million
|
| Price: | C$1.60
|
| Greenshoe: | C$1.5 million
|
| Underwriters: | Canaccord Capital Corp. (lead), Desjardins Securities Inc., Pacific International Securities Inc.
|
| Announcement date: | Oct. 20
|
| Settlement date: | Nov. 9
|
| Stock symbol: | Toronto: OBP
|
| Stock price: | C$1.80 at close on Oct. 19
|
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