By Sheri Kasprzak
Atlanta, Dec. 21 - Response Biomedical Corp. said Monday it will raise up to C$3 million in a private placement.
The offering was originally announced Nov. 15 with maximum proceeds of C$1.5 million, but the amount of the offering was increased because of investor interest, according to a company statement.
The company now plans to issue up to 4 million units at C$0.75 each. The originally announced price of the units was C$0.80.
The units are comprised of one share and two halves of one non-transferable warrant.
The first half-warrant, when whole, allows for an additional share C$1 each for one year.
The second half-warrant, when whole, allows for an additional share at C$1.25 for the first year and C$1.50 for the second.
Haywood Securities Inc. is the placement agent in the offering.
Vancouver, B.C.-based Response Biomedical develops, manufactures and markets diagnostic tests. The company plans to use the proceeds from the offering to enhance sales and expedite manufacturing on its diagnostic tests.
| Issuer: | Response Biomedical Corp.
|
| Issue: | Units of one share and two halves of one warrant
|
| Amount: | C$3 million
|
| Shares: | 4 million units
|
| Price: | C$0.75
|
| Placement agent: | Haywood Securities Inc.
|
| Announcement date: | Nov. 15
|
| Stock price: | C$0.80 at close Nov. 15
|
| Stock price: | C$0.75 at close Dec. 21
|
|
|
| First half-share warrant
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.00
|
|
|
| Second half-share warrant
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.25 for the first year, C$1.50 for the second year
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
