By Devika Patel
Knoxville, Tenn., Oct. 28 - Response Biomedical Corp. announced it has raised C$4.66 million in the first tranche of what is now a C$5 million private placement of units. The deal was announced Oct. 14 and revised Oct. 17. It was expected to be for up to C$5.5 million.
The company sold 31,084,435 units in this tranche at C$0.15 each via Haywood Securities and expects to close on a further C$340,000 sold on a non-brokered basis "within the next few days".
The company originally had planned to issue 30,555,556 units of one common share and one half-share warrant at C$0.18 each on a best-efforts basis.
Each whole warrant is exercisable at C$0.20, down from the original C$0.25, for three years.
Haywood Securities Inc. is the agent.
Proceeds will be used to manufacture product for the launch of the flu test partnered with 3M Medical and the cardiovascular line partnered with Roche Diagnostics as well as for the company's day-to-day operations.
Based in Vancouver, B.C., Response develops diagnostic tests for clinical and environmental applications.
| Issuer: | Response Biomedical Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$4,662,665.25 (closed so far)
|
| Units: | 31,084,435 million
|
| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.20
|
| Agent: | Haywood Securities Inc.
|
| Pricing date: | Oct. 14
|
| Revised: | Oct. 17
|
| Settlement date: | Oct. 28 (for C$4,662,665.25)
|
| Stock symbol: | Toronto: RBM
|
| Stock price: | C$0.19 at close Oct. 14
|
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