By Sheri Kasprzak
New York, Aug. 15 - Tm Bioscience Corp. plans to raise C$6.24 million in a private placement of unsecured subordinated debentures and warrants.
The 11% debentures are due the earlier of one year or within 30 days of the completion of a capital infusion of at least C$15 million.
Investors in the offering will receive warrants for 250 shares per C$1,000 in principal of debentures purchased. The warrants are exercisable at C$1.15 each for five years.
Westwind Partners Inc. and Canaccord Capital Corp. are the placement agents for the offering.
Proceeds will be used to advance the company's pipeline of genetic tests. The remainder will be used for working capital.
Toronto-based Tm Bioscience develops tests for genetic disorders, drug metabolism and infectious diseases.
| Issuer: | Tm Bioscience Corp.
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| Issue: | Unsecured subordinated debentures
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| Amount: | C$6.24 million
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| Maturity: | One year
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| Coupon: | 11%
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| Price: | Par
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| Yield: | 11%
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| Warrants: | For 250 shares per C$1,000 in principal
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| Warrant expiration: | Five years
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| Warrant strike price: | C$1.15
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| Placement agents: | Westwind Partners Inc. and Canaccord Capital Corp.
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| Pricing date: | Aug. 15
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| Stock symbol: | Toronto: TMC
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| Stock price: | C$0.80 at close Aug. 14
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