Business
biOasis Announces Non-Brokered Private Placement
biOasis Announces Non-Brokered Private Placement.
About this update from Bioasis Technologies Inc.
[{"type":"text","content":"\n \n \n biOasis Announces Non-Brokered Private Placement\n \n \nbiOasis Announces Non-Brokered Private Placement\n \n VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 8, 2014) - biOasis Technologies Inc. (TSX VENTURE:BTI)(OTCQX:BIOAF)(the \"Company\") announces a non-brokered private placement of up to 1,600,000 units (each a \"Unit\") at a price of $0.95 per Unit of gross proceeds of up to $1,520,000 with an overallotment of up to 20%. Each Unit will consist of one common share and one common share purchase warrant (each a \"Warrant\"). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of $1.20 per share for a period of twelve months from the date of closing, subject to an exercise acceleration clause. Under the exercise acceleration clause, which the Company may exercise once the Units are free of resale restrictions and if the Company's shares are trading at or above a volume weighted average price of $1.40 for 10 consecutive trading days, the Warrants will expire upon 30 days from the date the Company provides notice in writing to the Warrant holders via a news release. Certain directors and officers of the Company intend to acquire the Units under the Private Placement. Any such participation would be considered to be a \"related party transaction\" as defined under Multilateral Instrument 61 -101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to, or the consideration paid by such persons, will exceed 25% of the Company's market capitalization. \n The proceeds from the sale of units will be added to working capital in furtherance of the Company's business. A finder's fee of up to 8% of the proceeds from the sale of units may be paid in cash in connection with the private placement. The securities to be issued under the placement will be subject to a four-month hold period and the placement is subject to the acceptance of the TSX Venture Exchange. \n \"Our objective, and importantly the timing of this placement, is to ensure that there are no interruptions to upcoming work programs to enable us, without financial pressure, to confidently continue discussions with potential in...