Bioniche Life Sciences Inc. Listing on the Australian Securities Exchange (ASX)
-to be listed as "BNC"-
BELLEVILLE, ON, Jan. 19 /CNW/ - Bioniche Life Sciences Inc. (TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today announced that it has received confirmation from the Australian Securities Exchange (ASX) that it will be admitted to the official list of ASX subject to satisfaction of certain conditions. It is expected that, subject to the satisfaction of the aforementioned routine administrative conditions, admission will occur on or around January 24, 2011 with quotation of the securities on the official list likely to occur on or around January 27, 2011. The Company's code on the Exchange will be "BNC". The ASX listing follows the Company's completion of an Australian Offer of 8.6 million CHESS Depositary Instruments (CDIs) at A$1.45 per CDI.
Combined with an additional C$16.7 million raised through a concurrent Canadian Offer of 11.5 million Common Shares at C$1.45 per Share that closed on December 16, 2010, the Company has raised a total of C$28.9 million in gross proceeds (based on actual exchange rates). These financial resources will be used to achieve its strategic objectives.
"Bioniche is pleased that it will be admitted for trading in Australia, allowing our Australian investors the opportunity to conveniently trade and invest in our Company close to home," said Graeme McRae, Chairman, President & CEO of Bioniche Life Sciences Inc. "Australia has established Asia as its major trading partner. By listing the Company on the ASX, we have the opportunity to better access Asian customers and expand our networking for potential technology partnerships there."
The holders of CDIs in Australia hold the beneficial ownership of the equivalent number of Common Shares in the Company, while the legal title in those Shares is held by a depositary nominee (in this case, CHESS Depositary Nominees Pty Ltd (CDN), a wholly owned subsidiary of the ASX). CDIs are held in uncertified form and enable investors to hold and transfer their interests in foreign financial products electronically through CHESS. CDIs must be converted into Shares in order to trade on the TSX. Conversely, TSX-issued Shares must be converted into CDIs in order to trade on the ASX.
About Bioniche Life Sciences Inc.
Bioniche Life Sciences Inc. is a research-based, technology-driven Canadian biopharmaceutical company focused on the discovery, development, manufacturing, and marketing of proprietary products for human and animal health markets worldwide. The fully-integrated company employs 217 skilled personnel and has three operating divisions: Human Health, Animal Health, and Food Safety. The Company's primary goal is to develop proprietary cancer therapies supported by revenues from marketed products in human and animal health. The Animal Health division - Bioniche Animal Health - develops, manufactures and markets animal health biopharmaceutical products worldwide. It has product development, manufacturing and marketing facilities in Belleville, Ontario, Canada; marketing and production facilities in Athens, Georgia, U.S.A.; Pullman, Washington, U.S.A.; and Armidale, New South Wales, Australia. The Australian business is conducted from two sites: Melbourne, Victoria, where sales and marketing, customer support and technical service are located; and Armidale, New South Wales, where production (manufacturing facility, farm/research and development facility) is located.
Bioniche Life Sciences Inc. has been named one of the Top 50 Best Small and Medium-Sized Employers in Canada for 2010. For more information, please visit www.Bioniche.com.
Except for historical information, this news release may contain forward-looking statements that reflect the Company's current expectation regarding future events. These forward-looking statements involve risk and uncertainties, which may cause, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process, and other risks detailed from time to time in the Company's ongoing quarterly and annual reporting.For further information:
Jennifer Shea, Vice-President, Communications, Investor & Government Relations
Bioniche Life Sciences Inc.
Telephone: (613) 966-8058
Cell: (613) 391-2097