Units of one common share, two half-share warrants sold at $0.40 each
By Devika Patel
Knoxville, Tenn., March 15 - Tribute Pharmaceuticals Canada Inc. said it raised $1.17 million in the second and final tranche of a private placement of units. The placement had raised a total of about $4.6 million, with about $3.4 million raised on March 4.
The company sold units of one common share and two half-share warrants at $0.40 per unit. It sold 2,925,000 units in the final tranche.
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.
Ladenburg Thalmann & Co. Inc. was the agent.
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: | $4.6 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
|
| Agent: | Ladenburg Thalmann & Co. Inc.
|
| Settlement date: | March 4 (for about $3.4 million), March 15 (for $1.17 million)
|
| Stock symbol: | OTCBB: TBUFF
|
| Stock price: | $0.37 at close March 1
|
| Market capitalization: | $16.64 million
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