By Devika Patel
Knoxville, Tenn., Oct. 31 - Response Biomedical Corp. announced it took in C$437,835 in a second and final tranche of a C$5.1 million private placement of units.
The deal was announced on Oct. 14 and revised Oct. 17 to a C$5.5 million placing. The company raised C$4.66 million in the first tranche on Oct. 28.
The company planned to sell 36.67 million units at C$0.15 per unit, but ended up selling 34,003,335 units. It sold 31,084,435 units in the first tranche and 2,918,900 units in this one.
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. was 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$5,100,500.25
|
| Units: | 34,003,335
|
| 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), Oct. 31 (for C$437,835)
|
| Stock symbol: | Toronto: RBM
|
| Stock price: | C$0.19 at close Oct. 14
|
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