-to be listed as "BNC"-
BELLEVILLE, ON, Jan. 19 /CNW/ - Bioniche Life Sciences Inc. (TSX: BNC),
a research-based, technology-driven Canadian biopharmaceutical company,
today announced that it has received confirmation from the Australian
Securities Exchange (ASX) that it will be admitted to the official list
of ASX subject to satisfaction of certain conditions. It is expected
that, subject to the satisfaction of the aforementioned routine
administrative conditions, admission will occur on or around January
24, 2011 with quotation of the securities on the official list likely
to occur on or around January 27, 2011. The Company's code on the
Exchange will be "BNC". The ASX listing follows the Company's
completion of an Australian Offer of 8.6 million CHESS Depositary
Instruments (CDIs) at A$1.45 per CDI.
Combined with an additional C$16.7 million raised through a concurrent
Canadian Offer of 11.5 million Common Shares at C$1.45 per Share that
closed on December 16, 2010, the Company has raised a total of C$28.9
million in gross proceeds (based on actual exchange rates). These
financial resources will be used to achieve its strategic objectives.
"Bioniche is pleased that it will be admitted for trading in Australia,
allowing our Australian investors the opportunity to conveniently trade
and invest in our Company close to home," said Graeme McRae, Chairman,
President & CEO of Bioniche Life Sciences Inc. "Australia has
established Asia as its major trading partner. By listing the Company
on the ASX, we have the opportunity to better access Asian customers
and expand our networking for potential technology partnerships there."
The holders of CDIs in Australia hold the beneficial ownership of the
equivalent number of Common Shares in the Company, while the legal
title in those Shares is held by a depositary nominee (in this case,
CHESS Depositary Nominees Pty Ltd (CDN), a wholly owned subsidiary of
the ASX). CDIs are held in uncertified form and enable investors to
hold and transfer their interests in foreign financial products
electronically through CHESS. CDIs must be converted into Shares in
order to trade on the TSX. Conversely, TSX-issued Shares must be
converted into CDIs in order to trade on the ASX.
About Bioniche Life Sciences Inc.
Bioniche Life Sciences Inc. is a research-based, technology-driven
Canadian biopharmaceutical company focused on the discovery,
development, manufacturing, and marketing of proprietary products for
human and animal health markets worldwide. The fully-integrated company
employs 217 skilled personnel and has three operating divisions: Human
Health, Animal Health, and Food Safety. The Company's primary goal is
to develop proprietary cancer therapies supported by revenues from
marketed products in human and animal health. The Animal Health
division - Bioniche Animal Health - develops, manufactures and markets
animal health biopharmaceutical products worldwide. It has product
development, manufacturing and marketing facilities in Belleville,
Ontario, Canada; marketing and production facilities in Athens,
Georgia, U.S.A.; Pullman, Washington, U.S.A.; and Armidale, New South
Wales, Australia. The Australian business is conducted from two sites:
Melbourne, Victoria, where sales and marketing, customer support and
technical service are located; and Armidale, New South Wales, where
production (manufacturing facility, farm/research and development
facility) is located.
Bioniche Life Sciences Inc. has been named one of the Top 50 Best Small
and Medium-Sized Employers in Canada for 2010. For more information,
please visit www.Bioniche.com.
Except for historical information, this news release may contain
forward-looking statements that reflect the Company's current
expectation regarding future events. These forward-looking statements
involve risk and uncertainties, which may cause, 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
SOURCE Bioniche Life Sciences Inc.
For further information:
Jennifer Shea, Vice-President, Communications, Investor & Government Relations
Bioniche Life Sciences Inc.
Telephone: (613) 966-8058
Cell: (613) 391-2097