Business
ARIUS Closes Financing
ARIUS Closes Financing.
About this update from Affinity Metals Corp
[{"type":"text","content":"\n\n\n\n\nARIUS Research Inc. (TSX Venture: ARI)\n--------------------------------------\n\nTORONTO, Dec. 14 /CNW/ - ARIUS Research Inc. (TSX-VE: ARI) announced\ntoday that it had closed a previously-announced convertible bridge loan\nfacility in the amount of US$2,000,000 from Xmark Opportunity Fund, L.P.,\nXmark Opportunity Fund, Ltd. and Xmark JV Investment Partners, LLC\n(collectively \"Xmark\"). The Company will use funds drawn from this loan\nfacility for working capital, to fund development of the Company's programs\nand for general corporate purposes. The facility was arranged by Dundee\nSecurities Corp. on behalf of ARIUS.\nThe loan is convertible at Xmark's option, in whole or in part, into\ncommon shares of ARIUS at a price of $0.80 per common share. The loan bears an\nannual interest rate of 13.25 percent and is repayable no later than 24 months\nfrom closing. Under the terms, ARIUS also pays an upfront structuring fee and\nissues to Xmark 2,224,125 common share purchase warrants. Each warrant will\nentitle Xmark to purchase one common share of ARIUS at a price of $1.00 for a\nperiod of 24 months from closing. The term of the warrants will be reduced on\na pro-rata basis with the amount of principal that is repaid within the first\nyear. The warrants, and any common shares issued on exercise of the warrants,\nare subject to a four-month hold period expiring April 13, 2006.\nPrior to the completion of this transaction, Xmark acquired 1,738,500\ncommon shares in ARIUS, representing 16.9% of the common shares outstanding.\n\"This facility represents a vote of confidence from Xmark in our\nscientific and business strategies,\" said Dr. David S. Young, President and\nC.S.O. of ARIUS. \"It also gives us further scope to execute our business plan\nof product and business development, as we continue to pursue long term\nfinancing.\"\n\nAbout ARIUS Research\n\nARIUS Research Inc. is a biotechnology company dedicated to the discovery\nand development of novel anticancer monoclonal antibodies (MAbs). Established\nin 1999, ARIUS has built a proprietary technology platform, FunctionFIRST(TM),\nthat rapidly identifies powerful MAbs targeting a variety of cancer\nindications. This antibody generation engine has enabled ARIUS to assemble a\ngrowing pipeline of over 300 functional MAbs, which may be used for commercial\ncollaboration...