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TORONTO, Feb. 12 /CNW/ - Microbix Biosystems Inc. (TSX:MBX) is pleased to announce today the closing of a private placement, resulting in the issue of 3,714,286 Common Shares at a price of $0.35 per share.
The financing was non-brokered. A total of 3,714,286 Common Shares were issued and 211,000 finders warrants were issued in connection with the private placement. Each finders warrant entitles the holder to purchase one common share at a price of $0.37 for a period of 18 months. A director of Microbix participated in the private placement.
The Company intends to use the proceeds of the private placement for general corporate purposes. William J. Gastle, CEO of Microbix said, "We felt it was prudent to strengthen our balance sheet while finalizing our partnering arrangements."
The Common Shares and the finders' warrants are subject to a hold period of four months and one day. The private placement remains subject to the final approval of the Toronto Stock Exchange.
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 of such Act.
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 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 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.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Microbix Biosystems Inc.
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