Business
ARIUS announces third quarter fiscal 2006 financial results
ARIUS announces third quarter fiscal 2006 financial results.
About this update from Affinity Metals Corp
[{"type":"text","content":"\n\n\n\n\nTORONTO, Oct. 12 /CNW/ - ARIUS Research Inc. (\"ARIUS\" or the \"Company\")\n(TSX: ARI), today announced its financial results for the quarter ended\nAugust 31, 2006. All amounts are in Canadian dollars, unless otherwise\nindicated.\n\nDuring the nine-month period ended August 31, 2006, ARIUS strengthened\nits financial position, received significant validation of its technology and\nexpanded its management team by:\n\n>\n\nSubsequent to the quarter end, ARIUS hired a Vice President of Research,\nDr. Daniel P. Pereira, to build additional value into ARIUS' pipeline and\nintellectual property portfolio and to help facilitate the transition from a\npre-clinical to a clinical stage company.\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...