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Migenix Announces Closing of Plan Of Arrangement, $4 Million Non-Dilutive Financing and Transfer of Operations to Biowest Therapeutics
Migenix Announces Closing of Plan Of Arrangement, $4 Million Non-Dilutive Financing and Transfer ...
About this update from Madison Pacific Properties Inc. Class B
[{"type":"text","content":"\nMigenix Announces Closing of Plan Of Arrangement, $4 Million Non-Dilutive Financing and Transfer of Operations to Biowest Therapeutics\n\n\n Mar. 19, 2010 (Filing Services Canada) -- Migenix Inc. (MGI - TSX, MGIFF - OTCBB), announced today (the \"Effective Date\") the closing of its previously announced plan of arrangement (the \"Arrangement\") with its wholly-owned subsidiary BioWest Therapeutics Inc. (\"BioWest\") and Madison Pacific Properties Inc. (\"Madison\").Pursuant to the Arrangement and the Investment Agreement among MIGENIX, BioWest and Madison dated February 16, 2010, Madison made an investment in MIGENIX in the aggregate amount of $4,000,000 (the \"Proceeds\"), and MIGENIX caused substantially all of its business, operations, assets, including cash and the net Proceeds, and liabilities to be transferred to BioWest, which has the same directors, management and consultants as MIGENIX had prior to the Effective Date.  As a result of the Arrangement, among other things:* Each current MIGENIX shareholder as at the effective time of the Arrangement will be entitled to receive 0.02 of a class B common share of MIGENIX (renamed \"Metro Vancouver Properties Corp.\") and 0.1 of a BioWest common share for each MIGENIX common share held by them;* Current shareholders of MIGENIX own 100% of the outstanding shares of BioWest in the same proportion that they previously held in MIGENIX, and holders of securities (\"MIGENIX Securities\") convertible into MIGENIX common shares hold securities of BioWest in place of their of MIGENIX Securities;* BioWest will pursue the business and operations currently carried on by MIGENIX;* Madison owns 39.5% of the issued and outstanding MIGENIX common shares and all of the issued and outstanding non-voting shares of MIGENIX, representing approximately 94.1% of the equity of MIGENIX, and current MIGENIX shareholders own 60.5% of the issued and outstanding MIGENIX common shares;* Metro Vancouver Properties Corp. intends to focus on acquiring new business, which may involve an investment in and the development of real estate properties or other businesses determined by the board.It is expected that the common shares of BioWest will commence trading on the Toronto Stock Exchange (the \"Exchange\") effective the open of the market on March 24, 2010, under the symbol \"BWE\".  As s...