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BELLEVILLE, ON, Sept. 18, 2013 /CNW/ - Bioniche Life Sciences Inc.
("Bioniche" or the "Company") (TSX: BNC) (ASX: BNC), a research-based,
technology-driven Canadian biopharmaceutical company, today announced
that it has filed a final short form prospectus in all Canadian
provinces with the exception of Quebec, Prince Edward Island and
Newfoundland and Labrador for an equity offering (the "Offering") of
units priced at $0.29 per unit. Each unit includes one Common Share and
one-half of a Warrant exercisable at $0.40 for two years. Due to
demand, the Offering size has been increased to $9,000,000 and the
proposed over-allotment option was cancelled. A private placement on
identical terms to raise an additional $804,500 less expenses is
expected to be completed with three related parties.
The Offering was pursued on a best efforts basis pursuant to an agency
agreement between the Company and Euro Pacific Canada Inc. (the
"Agent"). The preliminary short form prospectus was filed on August 6,
The net proceeds from the Offering will be used to support the
development of the Company's Phase III bladder cancer product, Urocidin™ and for general corporate purposes. This additional funding will help
to ensure that the Company is adequately capitalized as it completes
the divestment of its Animal Health business unit, a process that began
in May, 2013.
The final short form prospectus document will be available for viewing
and downloading at www.sedar.com, at www.Bioniche.com, or by contacting the Company.
Update on Divestment of Animal Health/One Health Businesses
The Company engaged Evercore to lead the divestment process. A short
list of interested counterparties has been identified, and they are
conducting due diligence at this time. The process is proceeding well,
and Evercore is pleased with the level of interest.
The Company had expected to have offer terms to present to its
shareholders at the Annual Meeting of Shareholders on November 5, 2013.
However, due to the current anticipated timing for receiving final
terms, the Company anticipates that the proposed sale transaction will
be presented to shareholders to vote on at a separate shareholders' meeting to be held after the Annual Meeting of
Shareholders. Such sale transaction is expected to be completed by
early calendar 2014.
The securities offered under the Offering have not been, and will not
be, registered under the U.S. Securities Act of 1933, as amended (the
"U.S. Securities Act") or any securities laws of any state of the
United States, and may not be offered or sold directly or indirectly in
the United States or to, or for the account or benefit of, a "U.S.
Person" (as defined in Regulation S under the U.S. Securities Act)
absent registration or any applicable exemption from the registration
requirements of the U.S. Securities Act and applicable securities laws
of any state of the United States. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy
securities in the United States or to, or for the account or benefit
of, a "U.S. Person," nor shall there be any sale of these securities in
any jurisdiction in which such offer, solicitation or sale would be
Bioniche is a research-based, technology-driven Canadian
biopharmaceutical company focused on the discovery, development,
manufacturing, and marketing of proprietary and innovative products for
human and animal health markets worldwide. The fully-integrated Company
has three operating divisions: Human Health, Animal Health, and One
For more information, please visit www.Bioniche.com.
Except for historical information, this news release contains
forward-looking statements, including, without limitation, the intended
use of proceeds from the Offering and the Company's future plans,
including, but not limited to, the timing for such plans, that reflect
the Company's current expectations regarding future events. These
forward-looking statements involve risk and uncertainties, which may
include, 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. Bioniche does not
undertake to update any forward-looking statement or forward-looking
information that is included herein, except in accordance with
SOURCE: Bioniche Life Sciences Inc.
For further information:
Jennifer Shea, Vice-President, Communications, Investor & Government Relations
Bioniche Life Sciences Inc.
Telephone: (613) 966-8058; from Australia: 0011 1 613-966-8058
Cell: (613) 391-2097; from Australia: 0011 1 613-391-2097