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-C$1.45 set as Canadian Offer price for 10 million new Common Shares-
BELLEVILLE, ON, Dec. 10 /CNW/ - Bioniche Life Sciences Inc. (TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today announced that it is issuing 10 million new Common Shares at a price of C$1.45 as the Canadian part of two concurrent financings which will total 20 million new Common Shares (collectively, the Offers and each an Offer) announced on November 22, 2010:
- by short-form prospectus in all provinces of Canada; and
- by public offering in Australia and New Zealand.
In addition, Common Shares may be offered in other jurisdictions on a private placement basis pursuant to available restrictions from registration requirements.
The Canadian Offer is being underwritten by a Canadian syndicate led by NCP Northland Capital Partners Inc. and including Dundee Securities Corporation and National Bank Financial Inc. The Company expects to file a final prospectus with respect to the Offer and enter into an underwriting agreement shortly. Closing of the Offer is subject to certain conditions including, but not limited to, filing of the final prospectus, execution of the underwriting agreement and receipt of all necessary securities regulatory approvals.
The Australian Offer is being carried out on a best efforts agency basis by Taylor Collison Limited, priced at A$1.50 per Common Share (the Australian Offer pricing is being effected in accordance with Australian practice). The Australian Offer is expected to close on December 17, 2010.
Completion of the Offers is subject to all regulatory approvals, including the Toronto Stock Exchange and the Australian Securities Exchange.
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 214 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. Bioniche 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 and constitute forward-looking information (as defined in the Securities Act (Ontario). Such statements include, without limitation, statements regarding the timing of filing a final prospectus and execution of an underwriting agreement, the size of the Offers and the anticipated timing for the closing of the Offers, and can generally can be identified by the use of words such as "may", "will", "should", "plans", "anticipates", "believes", "estimates", "predicts", "intends", "potential", or the negative of such terms, or other comparable terminology indicating statements that are not historical facts. Forward-looking statements express, as at the date of this Prospectus, the Company's assumptions, estimates, forecasts, projections, expectations and beliefs as to future events or results. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements include, 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 the commercialization of the Company's therapeutic products thereafter, changes to the commercialization, partnering and marketing plans for current and development stage product, the ability to obtain additional financing, and other risks detailed from time to time in the Company's ongoing quarterly and annual reporting which can be found at www.sedar.com. The Company does not undertake any obligation to publicly update or revise any forward-looking statement after the date of this press release or to conform such statements to actual results or to changes in the Company's expectations, except as otherwise required by applicable law.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this news release.
THIS NEWS RELEASE IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES. SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION. THE COMMON SHARES ASSOCIATED WITH THESE OFFERS HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT OR ANY STATE SECURITIES LAWS.
For further information: For further information:
Jennifer Shea, Vice-President, Communications, Investor & Government Relations
Bioniche Life Sciences Inc.
Telephone: (613) 966-8058
Cell: (613) 391-2097