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Spectral Diagnostics and Toray Industries announce closing of Tranche "A" component of its up to $18.2 million Offering
TORONTO , July 25, 2014 /CNW/ - Spectral Diagnostics Inc. (TSX: SDI) (OTC QX: DIAGF) (th...
About this update from Spectral Medical Inc
[{"type":"text","content":"\n\nTORONTO, July 25, 2014 /CNW/ -Spectral Diagnostics Inc. (TSX: SDI) (OTC QX: DIAGF) (the \"Corporation\" or\"Spectral\")and Toray Industries, Inc. (\"Toray\") today announced the closing of Tranche \"A\" of the previously announced non-brokered private placement of the Corporation (the \"Offering\"). The Tranche \"A\" component of the Offering was comprised of 45,051,186 common shares of the Corporation (\"Shares\"),at a subscription price of $0.293 per Share for aggregate proceeds of $13.2 million.  The Offering was approved by shareholders of the Corporation at a special meeting of shareholders held on July 22, 2014. \n\n\"With the closing of this financing and a clear clinical development pathway, we can now confidently move forward to complete the EUPHRATES trial and plan for commercialization of our unique treatment for septic shock in the North American market,\" said Anthony Businskas, Executive Vice President and CFO of Spectral.\n\n\"We have had a long and collaborative relationship with Spectral and are pleased to have participated in this offering,\" stated Mr. Ryo Murayama, Senior Vice President of Toray.  \"We expect to continue our support of this very important initiative and intend to work with Spectral to build acceptance and usage of the combined EAA™/PMX approach for the treatment of septic shock\", added Mr. Murayama.\n\nAmong other insiders, Toray participated in Tranche \"A\" of the Offering and acquired 17,064,846 Shares, at a subscription price of $0.293 per Share, for aggregate proceeds of $5 million.  As a consequence, Toray now holds 33,731,513 Shares or 18.8% of the issued and outstanding Shares, calculated on a non-diluted basis.\n\nThe Tranche \"B\" component of the Offering is comprised of additional Shares to be sold to Toray by the Corporation of up to $5 million, if, as and when the Corporation exercises the right (the \"Call Right\"), granted by Toray to the Corporation in the private placement agreement between the Corporation and Toray dated June 10, 2014, which is exercisable by written notice given by the Corporation to Toray at any time on or after March 1, 2015 until March 15, 2015, to require Toray to purchase from the Corporation, at a subsequent closing to occur on April 1, 2015, up to that number of Shares as is determined by dividing the Call Right amount exe...