Agent Wolverton conducts deal on commercially reasonable efforts basis
By Devika Patel
Knoxville, Tenn., Dec. 2 – Hemostemix Inc. said it raised C$819,650 in the first tranche of its C$4 million private placement of units. The deal is being conducted by Wolverton Securities Ltd. on a commercially reasonable efforts basis and priced on Oct. 8. The terms were amended on Nov. 5.
The company is selling 6,153,847 units of one common share and one half-share warrant at C$0.65 per unit. It sold 1,261,000 units in the initial tranche.
Hemostemix previously planned to sell 5,714,286 units at C$0.70 per unit.
Each whole, two-year warrant is exercisable at C$1.25, an 83.82% premium to the Oct. 7 closing share price of C$0.68.
Proceeds will be used to accelerate phase 2 clinical trials for ACP 01 and for general working capital purposes.
In connection with the first tranche, Wolverton Securities Ltd. and its sub-agents received about C$50,557 in cash commissions and 77,780 compensation options. Each five-year compensation option is exercisable into units at C$0.65 per unit
The Toronto biotechnology company develops and commercializes blood-derived cell therapies for medical conditions.
| Issuer: | Hemostemix Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$4 million
|
| Units: | 6,153,847
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.25
|
| Agent: | Euro Pacific Canada Inc.
|
| Pricing date: | Oct. 8
|
| Revised: | Nov. 5
|
| Settlement date: | Dec. 2 (for C$819,650)
|
| Stock symbol: | TSX Venture: HEM
|
| Stock price: | C$0.68 at close Oct. 7
|
| Market capitalization: | C$40.7 million
|
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