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Sunshine Biopharma Announces Closing of $5.0 Million Private Placement Priced At-the-Market
MONTREAL, May 16, 2023 (GLOBE NEWSWIRE) -- Sunshine Biopharma Inc. (NASDAQ: “SBFM”), a pharmaceutical company offering and researching life-saving medicines
About this update from Sunshine Biopharma Inc.
[{"type":"text","content":"MONTREAL, May 16, 2023 (GLOBE NEWSWIRE) -- Sunshine Biopharma Inc. (NASDAQ: “SBFM”), a pharmaceutical company offering and researching life-saving medicines in a variety of therapeutic areas including oncology and antivirals, today closed its previously announced private placement pursuant to a securities purchase agreement with a single healthcare-focused institutional investor for gross proceeds of approximately $5 million, before deducting fees to the placement agent and other offering expenses payable by the Company. In connection with the private placement, the Company issued 5,952,381 units and pre-funded units at a purchase price of $0.84 per unit (or $0.001 less per pre-funded unit), priced at-the-market under Nasdaq rules. Each unit or pre-funded unit consists of one share of common stock (or pre-funded warrant) and two non-tradable warrants each exercisable for $0.59 for one share of common stock (for a total of 11,904,762 shares underlying the warrants). The warrants have a term of five and a half years from the issuance date. No actual units were issued. Aegis Capital Corp. acted as the Exclusive Placement Agent in connection with the offering. The securities described were sold in a private placement and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the “SEC”) or an applicable exemption from such registration requirements. The securities were offered only to an accredited investor. Pursuant to a registration rights agreement with the investor, the Company has agreed to file one or more registration statements with the SEC covering the resale of the shares of common stock and the shares of common stock issuable upon exercise of the warrants and pre-funded warrants. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Sunshine Biopharma Sunshine Biopharma recently acquired Nora Pharma Inc. and as a result the Company now has 50 generic prescription drugs on t...