By Sheri Kasprzak
New York, Dec. 14 - Response Biomedical Corp. said it has negotiated a non-brokered private placement for C$2 million.
The company plans to sell up to 4 million units at C$0.50 each.
The units include one share and one half-share warrant. The whole warrants are exercisable at C$0.70 each for two years.
Proceeds will be used for infrastructure, development and commercialization programs.
Vancouver, B.C.-based Response develops diagnostic tests.
| Issuer: | Response Biomedical Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$2 million (maximum)
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| Units: | 4 million (maximum)
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| Price: | C$0.50
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.70
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| Pricing date: | Dec. 14
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| Stock price: | C$0.62 at close Dec. 14
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