TORONTO, April 12 /CNW/ - BCY LifeSciences Inc., (BCY) (TSX-VEN: BCY)
today reported that it has agreed to complete a private placement of
20 million units at five cents per unit. Each unit will consist of a common
share and a share purchase warrant entitling the holder to acquire an
additional common share at ten cents per share for two years. A finder's fee
of 7% will be payable on a portion of the private placement in accordance with
TSX Venture Exchange ("Exchange") policies.
The net proceeds of the $1 million placement will be used for working
capital and investigation of opportunities in other fields. The private
placement is subject to Exchange approval.
BCY also reported the Company's current auditors, Ernst & Young, have
resigned from the account and that DALE MATHESON CARR-HILTON LABONTE LLP have
been appointed as the auditors.
About BCY LifeSciences
BCY is a corporation continued under the Canada Business Corporations Act
and is listed on the TSX Venture Exchange under the ticker symbol "BCY". BCY
currently has 33,937,757 common shares outstanding ("BCY Shares").
This news release contains projections and other forward-looking
statements regarding future events. Such statements are predictions, which may
involve known and unknown risks, uncertainties and other factors, which could
cause the actual events or results and company plans and objectives to differ
materially from those expressed. For information concerning factors affecting
the company's business, the reader is referred to the documents that the
company files from time to time with applicable Canadian securities and
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release
For further information:
For further information: Mr. Lorne Meikle, President & CEO, BCY
LifeSciences, Tel: (416) 440-1440, Email: firstname.lastname@example.org