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Arius announces second quarter fiscal 2006 financial results
Arius announces second quarter fiscal 2006 financial results.
About this update from Affinity Metals Corp
[{"type":"text","content":"\n\n\n\n\nTORONTO, July 27 /CNW/ - ARIUS Research Inc. (\"ARIUS\" or the \"Company\")\n(TSX: ARI), today announced its financial results for the quarter ended\nMay 31, 2006. All amounts are in Canadian dollars, unless otherwise indicated.\nDuring the six-month period ended May 31, 2006, ARIUS strengthened its\nfinancial position, received significant validation of its technology and\nexpanded its management team by:\n>\n\nSubsequent to the quarter end, ARIUS achieved a key corporate milestone\nthrough its graduation to the Toronto Stock Exchange (\"TSX\").\n\nGraduation to the TSX\nOn July 24, 2006, ARIUS' common shares (the \"Common Shares\") began\ntrading on the TSX. Graduation to the TSX represents the achievement of a key\nmilestone in ARIUS' corporate strategy and reflects the Company's achievements\nin recent months. The move will also allow ARIUS to raise the Company's\nprofile and access a broader base of investors.\n\nPrivate Placement\nOn February 28, 2006 and March 3, 2006, under the terms of an agency\nagreement (the \"Agency Agreement\"), the Company completed a private placement\nof units (the \"Offering\"). Under the Offering, the Company agreed to issue\nunits (the \"Units\") at a price of $0.80 per Unit. Each Unit consisted of one\nCommon Share and one Common Share purchase warrant (the \"Purchase Warrant\").\nEach Purchase Warrant entitles the holder thereof to purchase one Common Share\nat a price of $1.00 per share until February 28, 2011.\nUnder the Agency Agreement, the Company issued 32,729,401 Units, for\ntotal gross proceeds of $26,183,521 and net cash proceeds of $23,685,661. In\nrelation to the Offering, the Company paid the agents a cash commission of 7%\nof the gross proceeds, excluding receipts from U.S. retail direct subscribers,\nand granted the agents, in aggregate, 2,121,808 non-transferable broker\nwarrants (the \"Broker Warrants\") which expire at the end of business on\nFebruary 28, 2008. Each Broker Warrant entitles the holder thereof to purchase\none Unit at a price of $0.80 per Unit. The private placement was approved by\nthe written consent of the majority of the disinterested holders of the Common\nShares.\n\nLicensing Agreement\nEffective March 21, 2006, the Company licensed rights to one of the\nCompany's novel anti-cancer antibody programs to Genentech. Under the terms of\nthe agreem...