Biosign Successfully Closes Brokered Private Placement
TORONTO, April 22 /CNW/ - Biosign Technologies Inc. (CNSX: BIO) ("Biosign" or the "Company") announced today the successful closing of the brokered private placement ("Offering") announced on March 2, 2010 and amended on April 8, 2010, for gross proceeds of $2,000,050. A total of 3,077,000 units ("Units") were issued at a price of CDN$0.65 per Unit. Each Unit is comprised of one common share of Biosign and one-half of a common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share of Biosign at a price of CDN$0.95 for a period of 24 months from closing date subject to an acceleration of the expiry date, in the event the price of the stock closes at $1.25 or above for 10 trading days. The securities issued in connection with the Offering are subject to a four month hold period from the issuance date in accordance with the policies of the Canadian National Stock Exchange (CNSX Markets Inc.) and applicable securities laws.
Dundee Capital Markets acted as lead placement agent along with Canaccord Adams Ltd. as Subagent (collectively, "Agents"). The Company has paid a cash commission to the Agents of 8% of the gross proceeds. Additionally, the Company has issued compensation warrants to the Agents (the "Broker Warrants") to acquire common shares of the Company equal to 8% of the number of common shares sold under the Offering. Each Broker Warrant is exercisable at $0.65 per common share for a period of 18 months from the closing date. The company will also reimburse Dundee for reasonable fees and expenses incurred in connection with the Offering.
The net proceeds from the Offering provide working capital for advancing Biosign's commercialization strategy, focused on non-invasive monitoring of blood pressure and blood glucose.
About Biosign Technologies Inc.
Biosign provides biomedical systems. Key applications include intelligent systems for noninvasive monitoring of common health risks associated with blood pressure, glucose, and medication. The core technology combines measurement, analysis, and rapid knowledge formation to support health monitoring across global markets. The UFIT(R) medical device technology powers quality data collection and analytics for clinical diagnostics, self-care, wellness, disease state evaluation & management, and remote patient monitoring. For more information on Biosign please visit www.biosign.com
The CNSX has neither approved nor disapproved the contents of this press release.
%SEDAR: 00014068EFor further information: Radu Leca, President & CEO, Biosign Technologies Inc., Phone: (416) 218-9800 ext. 234, Email: firstname.lastname@example.org