Business
Microbix Completes Final Closing of Private Placement
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES./ ...
About this update from Microbix Biosystems Inc.
[{"type":"text","content":"\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES./\n\n\n\nTORONTO, Aug. 29, 2014 /CNW/ - Microbix Biosystems Inc. (TSX: MBX), an innovator of biological products and technologies, today confirmed that it has closed the second and final tranche of the recently announced private placement offering.\n\nMicrobix is pleased to announce that the offering was fully subscribed with the issuance of an aggregate of 5,128,206 units, of which 1,994,183 units were issued in the second tranche. Microbix received total gross proceeds from the offering of $2,000,000. Each unit consists of one common share of Microbix and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at an exercise price of $0.55 for five years. Insiders of the Company participated in the financing by purchasing an aggregate of 1,964,615 units representing over 38% of the offering. The financing was non-brokered.  A total of 121,555 finder's warrants were issued.  Each finder's warrant entitles the holder to purchase one unit at a price of $0.47 for a period of five years.\n\nThe securities issued in the private placement are subject to a hold period of four months and one day from the date of issue. The private placement is subject to final approval by the Toronto Stock Exchange. \n\nVaughn C. Embro-Pantalony, President and CEO of Microbix commented, \"I am very pleased the private placement was fully subscribed, and that it received such strong support from insiders. The proceeds from this financing ensure there will be no funding related delays as we continue to advance the growth priorities of our Company.\"\n\nThe securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. Person absent an exemption from the registration requirements.\n\nThe Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.\n\nAbout Microbix Biosystems Inc.Microbix Biosystems Inc. specializes in the research and development of biological solutions, including products for human health applications, namely in the vaccine, therapeutic and diagnostic markets, as well as animal reproductive markets worldwide. The Company man...