Investors include Clarus Lifesciences, Deerfield Management
By Susanna Moon
Chicago, Jan. 6 – ESSA Pharma Inc. said it plans a US$15 million private placement of units of shares and warrants. The financing is being led by Clarus Lifesciences, a new investor, with participation from Deerfield Management Co. and other existing shareholders.
ESSA plans to sell 4,545,454 units at US$3.30 each. Each unit will consist of one common share, one seven-year cash and cashless exercise warrant and a half-share two-year cash exercise warrant, with each warrant exercisable at US$3.30 each.
Pricing was negotiated at arm's length between the company and the subscribers, and no insiders will subscribe for units under the private placement, according to a company press release.
Proceeds will be used for general corporate purposes, including funding research and development, preclinical and clinical expenses and corporate costs.
ESSA is a Vancouver, B.C.-based pharmaceutical company that focuses on developing therapies for the treatment of castration-resistant prostate cancer.
| Issuer: | ESSA Pharma Inc.
|
| Issue: | Units of one share, one seven-year cash and cashless exercise warrant and a half-share two-year cash exercise warrant
|
| Amount: | US$15 million
|
| Units: | 4,545,454
|
| Price: | US$3.30
|
| Warrants: | One per unit, half-share per unit
|
| Warrant expiration: | Seven years, two years
|
| Warrant strike price: | US$3.30
|
| Pricing date: | Jan. 6
|
| Settlement date: | Jan. 14
|
| Stock symbol: | Toronto: EPI
|
| Stock price: | C$6.90 at close Jan. 5
|
| Market capitalization: | C$147.01 million
|
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