Units of one common share, two half-share warrants sold at $0.40 each
By Devika Patel
Knoxville, Tenn., March 4 - Tribute Pharmaceuticals Canada Inc. said it raised about $3.4 million in a private placement of units.
The company sold units of one common share and two half-share warrants at $0.40 per unit.
One of the warrants will be exercisable at $0.50 for two years, with the other exercisable at $0.60 for five years. The strike prices are a 35.14% discount and 62.16% premium to the March 1 closing share price of $0.37.
Insiders' investments accounted for over 50% of the gross proceeds.
Proceeds will be used to support revenue growth and expanded promotion.
The pharmaceutical company is based in Milton, Ont.
| Issuer: | Tribute Pharmaceuticals Canada Inc.
|
| Issue: | Units of one common share and two half-share warrants
|
| Amount: | $3.4 million (approximate)
|
| Price: | $0.40
|
| Warrants: | Two half-share warrants per unit
|
| Warrant expiration: | Two years, five years
|
| Warrant strike price: | $0.50, $0.60
|
| Settlement date: | March 4
|
| Stock symbol: | OTCBB: TBUFF
|
| Stock price: | $0.37 at close March 1
|
| Market capitalization: | $14.66 million
|
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