Units of one common share, two half-share warrants sold at $0.40 each
By Devika Patel
Knoxville, Tenn., March 14 - Tribute Pharmaceuticals Canada Inc. settled a $275,000 private placement of units on March 11, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 687,500 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 35.14% and 62.16% premiums to the March 8 closing share price of $0.37.
Proceeds will be used for promotion of products, debt repayment, working capital and pending business development initiatives.
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: | $275,000
|
| Units: | 687,500
|
| 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 11
|
| Stock symbol: | OTCBB: TBUFF
|
| Stock price: | $0.37 at close March 8
|
| Market capitalization: | $16.24 million
|
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