Microbix Announces Closing of Second Tranche of Private Placement of $577,500
/NOT INTENDED FOR DISSEMINATION IN THE UNITED STATES ORDISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES/
TORONTO, April 19 /CNW/ - Microbix Biosystems Inc. (TSX:MBX) ("Microbix" or the "Company"), a biotechnology company focused on virology and biological technologies, today announced the closing of the second tranche of a private placement resulting in the issuance of 1,650,000 Units at a price of $0.35 per Unit. Each unit consists of one common share of Microbix and one-half common share purchase warrant. Each whole Warrant entitles the holder to purchase one additional common share at an exercise price of $0.45 for 24 months. A director of the Company participated in the financing by purchasing 650,000 Units.
The Company also paid commissions of $24,500 and issued 70,000 finder's warrants, each finder's warrant entitles the holder to purchase a Unit at a price of $0.42 per Unit for 24 months. The financing was non-brokered. The Company intends to use the proceeds of the private placement for general corporate purposes.
The securities issued in the private placement are subject to hold period of four months and one day from the date of issue. The private placement remains subject to the final approval of the Toronto Stock Exchange.
The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. Person absent an exemption from the registration requirements.
Microbix Biosystems Inc. specializes in the development of biological technologies and commercializing them through global partners. The Company has intellectual property in large market biotherapeutic drugs, vaccine technologies and animal reproduction technologies. Established in 1988, Microbix is headquartered in Toronto. This press release contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking. These forward-looking statements represent the Company's judgment as of the date of this press release. The Company disclaims any intent or obligation to update these forward-looking statements.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.For further information:
visit www.microbix.com or contact:
William J. Gastle, CEO, Microbix Biosystems Inc., (416) 234-1624 x 230;
James Long, CFO, Microbix Biosystems Inc., (416) 234-1624 x 265