Wolverton Securities helps fund clinical trials, research, development
By Devika Patel
Knoxville, Tenn., June 17 – RepliCel Life Sciences Inc. said it raised C$649,500 in the third and final, non-brokered tranche of a C$3.99 million private placement of units.
The deal priced for C$7.5 million on March 28 and was conducted by lead agent Wolverton Securities Ltd. Part of the deal was also conducted on a non-brokered basis. The company raised C$2.79 million on May 9 and C$522,750 on May 21.
The company sold 5,320,167 units of one common share and one warrant at C$0.75 per unit on a commercially reasonable basis. It sold 3,717,167 units in the initial tranche, 737,000 units in the second closing and 866,000 units in the final tranche.
Of the first-tranche units, 2,783,667 were sold by the agent for C$2.09 million and 933,500 were sold on a non-brokered basis for C$700,125. The second tranche was conducted on a non-brokered basis.
The two-year warrants are each exercisable at C$1.00 in the first year and C$1.25 per in the second year. The strike prices are 38.89% and 73.61% premiums to the March 27 closing share price of C$0.72.
Crossover Healthcare Fund, LLC was the lead investor.
Proceeds will be used for clinical trials, research and development and general working capital.
RepliCel is a Vancouver, B.C.-based company that is developing an anti-balding technology.
| Issuer: | RepliCel Life Sciences Inc.
|
| Issue: | Units of one common share and one warrant
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| Amount: | C$3,990,125
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| Units: | 5,320,167
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| Price: | C$0.75
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| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
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| Warrant strike price: | C$1.00 in the first year and C$1.25 per in the second year
|
| Agent: | Wolverton Securities Ltd. (lead), non-brokered
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| Investor: | Crossover Healthcare Fund, LLC (lead)
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| Pricing date: | March 28
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| Settlement date: | May 9 (for C$2,787,875), May 21 (for C$552,750), June 17 (for C$649,500)
|
| Stock symbol: | TSX Venture: RP
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| Stock price: | C$0.72 at close March 27
|
| Market capitalization: | C$29.14 million
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