Deal sells 2,719,410 of the company’s common shares at $3.00 per share
By Devika Patel
Knoxville, Tenn., March 22 – Essa Pharma Inc. settled a $5 million private placement of stock Eventide Funds with on March 21, according to a 6-K filed Tuesday with the Securities and Exchange Commission. The company’s shareholders also completed a $3.16 million secondary offering on March 21.
The company sold 1,666,666 common shares at $3.00 per share. The price per share is an 11.77% discount to $3.40, the March 18 closing share price.
The three stockholders sold 1,052,744 shares at the same price in the secondary sale. Marianne Sadar and Raymond Andersen each sold 370,566 shares and Robert Rieder sold 311,612 shares.
The company will use the proceeds from the private placement for general corporate purposes, including research and development, preclinical and clinical expenses and corporate costs.
The Vancouver, B.C.-based pharmaceutical company focuses on developing therapies for the treatment of castration-resistant prostate cancer.
| Issuer: | Essa Pharma Inc.
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| Issue: | Common stock
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| Amount: | $8,158,232
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| Price: | $3.00
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| Warrants: | No
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| Settlement date: | March 21
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| Stock symbol: | Nasdaq: EPIX
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| Stock price: | $3.40 at close March 18
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| Market capitalization: | $91.55 million
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| Placement
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| Amount: | $5 million
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| Shares: | 1,666,666
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| Investor: | Eventide Funds
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| Secondary sale
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| Amount: | $3,158,232
|
| Shares: | 1,052,744
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