Hangzhou Joinstar Biomedical Technology buys 1.8 million common shares
By Devika Patel
Knoxville, Tenn., Dec. 12 – Response Biomedical Corp. said it raised C$2.18 million in a non-brokered private placement of stock with entities associated with Hangzhou Joinstar Biomedical Technology Co. Ltd.
The company sold 1.8 million common shares at C$1.21 apiece, a 53.17% premium to the Dec. 11 closing share price of C$0.79.
Proceeds will be used for capital equipment purchases, research and development, operating expenses and general working capital purposes
Based in Vancouver, B.C., Response develops diagnostic tests for clinical and environmental applications.
| Issuer: | Response Biomedical Corp.
|
| Issue: | Common shares
|
| Amount: | C$2,178,000
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| Shares: | 1.8 million
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| Price: | C$1.21
|
| Warrants: | No
|
| Agent: | Non-brokered
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| Investors: | Hangzhou Joinstar Biomedical Technology Co. Ltd.
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| Settlement date: | Dec. 12
|
| Stock symbol: | Toronto: RBM
|
| Stock price: | C$0.79 at close Dec. 11
|
| Market capitalization: | C$6.28 million
|
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