Biosign Technologies Completes Brokered Private Placement
TORONTO, July 27, 2011 /CNW/ - Biosign Technologies Inc. (TSXV: BIO) (the "Company") announced today the closing of a brokered private placement of units of the Company for gross proceeds of approximately $1,900,000 (the "Offering"). A total of 2,384,551 units ("Units") were issued at a price of $0.80 per Unit. Each Unit is comprised of one common share of the Company and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share of the Company at a price of $1.00 for a period of 12 months from closing date, subject to an acceleration of the expiry date, upon requisite board notice, in the event the price of the common shares on the TSX Venture Exchange (the "TSXV") closes in excess of $1.50 for five consecutive 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 TSXV and applicable securities laws.
Saratoga Finance Inc. (the "Agent") acted as placement agent in connection with the Offering. The Company paid a cash commission to the Agent of 6% of the gross proceeds. Additionally, the Company issued compensation warrants to the Agent (the "Broker Warrants") to acquire common shares of the Company equal to 8% of the number of Units sold under the Offering. Each Broker Warrant is exercisable at $0.80 per common share for a period of 12 months from the closing date. The Company will also reimburse the Agent for reasonable fees and expenses incurred in connection with the Offering.
The net proceeds from the Offering are intended to be used for general working capital purposes, including anticipated expenditures for production, operations and administration purposes as well as contract manufacturing of hardware.
About Biosign Technologies Inc.
Biosign Technologies Inc. (TSXV: BIO) 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® 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
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.For further information:
|Biosign Contact Information|
| Scott Jenkins |
Chief Executive Officer
Phone: (416) 218-9800 ext. 234