Biosign Technologies Announces Progress on Closing of Private Placement

TORONTO, Feb. 15, 2013 /CNW/ - Biosign Technologies Inc. (TSXV: BIO) (the "Company") announced today an update on the scheduled closing of a recent private placement. This announcement applies to the previously announced additional subscription of 6,000,000 units of the Company (the "Units") at a purchase price of $0.05 per Unit, which forms part of its previously announced private placement financing (see news releases issued on November 29, 2012, December 21, 2012, January 14, 2013 and January 31, 2013).  Each Unit is comprised of one common share and one common share purchase warrant. Each common share purchase warrant is exercisable for a two-year period at $0.05 per share during the first 12 months and $0.10 per share in the second twelve months.

A tranche of 1,000,000 Units closed as scheduled on February 3, 2013. Under the previously announced, amended closing schedule, the next 5,000,000 Unit private placement is still scheduled to close in multiple tranches between now and March 14, 2013.

Biosign CEO Robert Kaul stated: "We continue to work with our investor to accommodate the payment schedule for the closing of the December 21, 2012 private placement. The full subscription is still expected to close on or before March 14, 2013 as previously announced, and Biosign continues to be flexible and to accommodate the timing of the tranches due.  This payment schedule is not expected to disrupt the Company's ability to continue with its corporate development strategies, which include increased sales into the United States, Canada and Europe."

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.




 

SOURCE: Biosign Technologies Inc.

For further information:

Biosign Contact Information
Robert Kaul
Chief Executive Officer
Biosign Technologies
Phone: (416) 218-9800 ext. 201
Email: ceo@biosign.com