/NOT INTENDED FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION TO
UNITED STATES NEWSWIRE SERVICES/
TORONTO, April 1 /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 first
tranche of a private placement resulting in the issue of 400,000 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.
The Company also paid a commission of 7% of the gross proceeds of the
private placement and issued 28,000 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
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
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.
SOURCE Microbix Biosystems Inc.
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