/NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES/
TORONTO, Aug. 28 /CNW/ - Microbix Biosystems Inc. (TSX:MBX) announces its
intention to raise up to $750,000 by way of a private placement of up to 2.14
million Units at a price of $0.35 per Unit.
William J. Gastle, Chief Executive Officer of Microbix, states, "The
financing is unsolicited and was proposed by a syndicated group of biotech
investors who see value in the Company. While Microbix is very close to
turning cash flow positive, management and the board believe it is prudent to
strengthen our balance sheet as we continue to fund our core business and
initiatives associated with Virusmax, Semen Sexing Technology and Urokinase."
The financing will be non-brokered. A maximum of 2.14 million Units will
be issued, each Unit comprised of one common share of Microbix Biosystems Inc.
plus one common share purchase warrant. Each warrant will entitle the holder
to purchase one additional common share at a price of $0.55 with an 18 month
The Units may be issued in one or more closings and will be subject to a
four-month hold period from the date of each closing. Closing is subject to
The Company intends to use the proceeds for general corporate purposes.
Microbix 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
This news release is intended for distribution in Canada only and is not
intended for distribution to United States newswire services or dissemination
in the United States. The securities being offered have not been, nor will
they be registered under the United States Securities Act of 1933, as amended,
and may not be offered or sold within the United States or to, or for the
account or benefit of, U.S. persons absent U.S. registration or an applicable
exemption from the U.S. registration requirements. This release does not
constitute an offer for sale of securities in the United States.
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 statements including
the risks associated with failure to get authorization to release Kinlytic for
distribution in the US from the FDA; inability to complete financing for the
Hunan China project currently the subject of financing; risks associated with
commercializing the pipeline technologies; risks associated with failure to
develop and commercialize SST; non-adoption of SST; risks associated with
currency exchange rates which may exaggerate or reduce the actual financial
performance of the Company. 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.
For further information:
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