732,266 units of one common share, a half-share warrant sold at $3.00
By Devika Patel
Knoxville, Tenn., Dec. 5 – Fennec Pharmaceuticals Inc. completed a $2.2 million non-brokered private placement of units, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 732,266 units of one common share and one half-share warrant at $3.00 per unit.
Each whole warrant is exercisable at $3.60 until Dec. 4, 2016. The strike price is a 31.87% premium to the Dec. 2 closing share price of $2.73.
Proceeds will be used for exploration and for general working capital.
The biopharmaceutical company is based in Research Triangle Park, N.C.
Issuer: | Fennec Pharmaceuticals Inc.
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Issue: | Units of one common share and one half-share warrant
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Amount: | $2,196,798
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Units: | 732,266
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Price: | $3.00
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Dec. 4, 2016
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Warrant strike price: | $3.60
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Agent: | Non-brokered
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Settlement date: | Dec. 3
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Stock symbol: | OTCBB: FENCF
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Stock price: | $2.73 at close on Dec. 2
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Market capitalization: | $26.93 million
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