BURNABY, BC, June 20 /CNW/ - Welichem Biotech Inc. (the "Company")
(TSX-V: WBI), is pleased to announce that it has closed its non-brokered
private placement announced on June 19, 2008.
The Company has raised gross proceeds of CDN $5,000,000 through the
issuance of 100,000,000 Units. Each Unit consists of one common share and
one-half of one share purchase warrant. Each whole share purchase warrant is
exercisable into one common share at a price of $0.10 for a period of
24 months from the date of issuance of the share purchase warrant. All
securities issued under the private placement will have a hold period expiring
on October 21, 2008. Finder's fees of $497,000.00 are payable in connection
with the private placement.
The proceeds from the financing will be used by the Company to fund
research, development and working capital.
About Welichem Biotech Inc.
Welichem Biotech Inc. is a publicly-traded biotechnology company
developing therapeutic drugs in the fields of autoimmune diseases and cancer.
ON BEHALF OF THE BOARD
York Yingping Guo
President and Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
For further information:
For further information: York Yingping Guo, Tel.: (604) 432-1703, Email:
firstname.lastname@example.org; Yan Chen, Business Development Manager, Tel.: (604)
432-1703, Email: email@example.com