Listing: TSX Venture Exchange
OTTAWA, Nov. 11 /CNW Telbec/ - Chemaphor Inc. (TSX Venture Exchange: CFR), today announced that it has raised gross proceeds of $234,949.95 in the second and final closing of the private placement announced on September 28, 2009. The first closing with gross proceeds of $1,264,877.55 occurred on October 23, 2009. The total gross proceeds on both closings was $1,499,827.50.
In connection with this second closing Chemaphor has issued 1,566,333 common shares and an equal number of common share purchase warrants. Each warrant entitles the holder to acquire one common share of Chemaphor at an additional purchase price of $0.20 per share at any time up to November 11, 2014.
Chemaphor used the services of agents in connection with the second closing of this private placement paying cash commissions of $23,495 and issuing 156,633 agent warrants. The warrants issued to agents have the same terms as the warrants issued to subscribers in the private placement except that they have an exercise price of $0.15.
The securities issued under this second closing are subject to restrictions on transfer, including a hold period ending on March 12, 2010.
The net proceeds of the proposed offering will be used to fund working capital and research and development expenditures and for general corporate purposes.
The private placement remains subject to final TSX Venture Exchange approval.
Chemaphor Inc. (www.chemaphor.com) uses its core expertise in organic chemistry to develop premium products for the animal health, skin care cosmetics, pharmaceutical and specialty chemical markets. Chemaphor's focus is on two proprietary products, a non-pharmaceutical product OxBC, and a lead cancer drug compound OCL-1. Chemaphor's goal is to fully exploit its proprietary platform of carotenoid oxidation compounds by finding recognized partners to commercialize its products in multiple, large markets.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE CHEMAPHOR INC.
For further information: For further information: Chemaphor Inc., Dr. Graham Burton, (613) 990-0969