VANCOUVER, June 22, 2012 /CNW/ - Neuro Discovery II Limited Partnership
(the "Neuro II") announces that on June 13, 2012 the shareholders of
Allon Therapeutics Inc. (the "Issuer") approved the terms of the $10
million brokered private placement equity offering previously announced
on May 2, 2012, and that the transaction was subsequently approved by
the TSX on June 20, 2012.
In that private placement offering, Neuro II subscribed for 19,987,500
subscription receipts and 1,990,000 units. The receipt of shareholder
and TSX approval gave Neuro II the right to convert the subscription
receipts into units on a one-for-one basis priced at $0.25 each. Each
unit consists of one common share and one half of one common share
purchase warrant. Each warrant will entitle the holder to acquire one
common share at a price of $0.40 for a period of 60 months from the
closing date of the offering.
On June 21, 2012 the 19,987,500 subscription receipts acquired by Neuro
II were converted into 19,987,500 common shares and 9,993,750 warrants.
Neuro II now beneficially owns or has the right to acquire 50,966,250
common shares of the Issuer, representing approximately 32.4% of the
Issuer's issued and outstanding common shares, assuming full exercise
of the warrants. Prior to the conversion of the subscription receipts,
Neuro II beneficially owned or had a right to acquire 20,985,000 common
shares of the Issuer, representing approximately 17% of the Issuer's
issued and outstanding common shares, assuming full exercise of the
Neuro II and Neuro Discovery Limited Partnership ("Neuro") are managed
by their general partners, each of which is wholly-owned by NDI Capital
Inc. ("NDI"). Neuro beneficially owns 11,490,952 common shares of the
Issuer, and together with Neuro II, beneficially owns or has the right
to acquire, and NDI controls, 62,457,202 common shares of the Issuer,
representing approximately 39.6% of the Issuer's issued and outstanding
common shares, assuming full exercise of the warrants.
The common shares of the Issuer are listed on the TSX and trade under
the trading symbol "NPC". Neuro II acquired the securities for
investment purposes. Depending on market conditions, Neuro II may in
the future increase or decrease its investment in the Issuer.
An Early Warning Report respecting this acquisition will be filed on the
System for Electronic Document Analysis and Review ("SEDAR") under the
Issuer's profile and can be viewed at www.sedar.com.
NEURO DISCOVERY II LIMITED PARTNERSHIP
by its general partner NDI Partnership Management II Ltd.
SOURCE Neuro Discovery II Limited Partnership
For further information:
Neuro Discovery II Limited Partnership
#506 - 1168 Hamilton Street
Vancouver, British Columbia V6B 2S2