By Sheri Kasprzak
Atlanta, Dec. 10 - Vensearch Capital Corp. said Thursday night it has finished up a private placement for C$6.6 million. The deal was done for Genetic Diagnostics Inc., the private company Vensearch announced a proposed business combination with as its qualifying transaction.
The company issued 15 million units at C$0.44 each.
The units are comprised of one Genetic Diagnostics class C shares, series 1, and one half-share series 1 warrant.
The whole warrants allow for an additional share at C$0.55 each for 20 months.
McFarlane Gordon Inc. is the lead placement agent in the offering, and Research Capital Corp. is the co-agent in the deal.
Genetic Diagnostics, based in Toronto, designs and manufactures genetic testing technology for clinical laboratories. The company plans to use the proceeds from the financing to fund an independent validation process, pay license fees for its technology, repay outstanding payables, and deploy a budget mutually agreed with Vensearch.
| Issuer: | Vensearch Capital Corp. (for Genetic Diagnostics Inc.)
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| Issue: | Units of one class C share, series 1 and one half-share series 1 warrant
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| Amount: | C$6.6 million
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| Shares: | 15 million units
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| Price: | C$0.44
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| Warrants: | One half-share series 1 warrant per unit
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| Warrant expiration: | 20 months
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| Warrant strike price: | C$0.55
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| Placement agent: | McFarlane Gordon Inc. (lead); Research Capital Corp.
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| Settlement date: | Dec. 9
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| Stock price: | C$0.49 at close Dec. 9
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