Non-brokered offering sells 2,631,579 common shares at $1.90 per share
By Devika Patel
Knoxville, Tenn., April 8 – Fennec Pharmaceuticals Inc. said it will raise $5 million in a non-brokered private placement of stock.
The company will sell 2,631,579 common shares at $1.90 apiece. The per-share price represents a 14.46% premium to the April 7 closing share price of $1.66.
Settlement is expected in two tranches, with the initial closing for $2,076,373 on Friday. The second $2,923,627 tranche will settle within two business days after the Toronto Stock Exchange approves the sale.
Proceeds will be used for the development of Sodium Thiosulfate to prevent platinum-induced chemotherapy ototoxicity in pediatric patients and general working capital purposes.
The pharmaceutical company is based in Research Triangle Park, N.C.
| Issuer: | Fennec Pharmaceuticals Inc.
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| Issue: | Common stock
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| Amount: | $5 million
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| Shares: | 2,631,579
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| Price: | $1.90
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| Warrants: | No
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| Agent: | Non-brokered
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| Pricing date: | April 8
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| Settlement date: | April 8 (for $2,076,373),
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| Stock symbol: | OTCBB: FENCF
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| Stock price: | $1.66 at close April 7
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| Market capitalization: | $20.24 million
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