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TORONTO, Sept. 2 /CNW/ - Biosign Technologies Inc. (the "Company",
"Biosign") (CNQ: BIOS) announces it has arranged a best-efforts, non-brokered
private placement (the "Offering") to raise gross proceeds of $2 million to be
led by Avro Capital Corp. ("Avro") and Global Securities Corporation
("Global"), (collectively the "Agents").
The Offering consists of a minimum of 5,714,286 units (the "Units")
priced at $0.35 per Unit to raise a minimum gross proceeds of $2 million. Each
Unit consists of one common share and one common share purchase warrant, with
each warrant exercisable for a period of 18 months from the closing of the
tranche, to acquire one common share at an exercise price of $1.20 per common
share. The warrants are subject to an acceleration clause whereby the Company
has the right to accelerate the exercise of the options via a press release
notice should the share price exceed $1.90 for seven consecutive trading days.
The "Agents" will receive a finders' fee commission of a maximum cash
compensation of 10% of the gross proceeds raised, and maximum compensation
options equal to 10% of the aggregate number of Units sold pursuant to the
Offering. Each compensation option will entitle the holder thereof to purchase
one common share at an exercise price of $0.35 per common share for a period
of 24 months from the closing of the applicable tranche.
The Company also announces that Avro and Global have closed on the first
tranche of the Offering by completing $525,000 of gross proceeds of the
financing and that Global is intending to complete a $1 million financing on a
best efforts basis.
Proceeds from the Offering will be used to fund the Company's 2008-09
commercialization and partnering plans, as well as additional research and
development of the company's metering products.
The common shares and warrants to be issued in connection with this
Offering will be subject to a four month hold period from the share issuance
date in accordance with the policies of the Canadian Trading and Quotation
System Inc. (the "CNQ Stock Exchange") and applicable securities laws.
About Global Securities Corporation
Global Securities Corporation was founded in Vancouver in 1987 as a
full-service brokerage firm, and currently has offices located around Western
Canada. For more information on Global please visit http://www.globalsec.com
About Biosign Technologies
Biosign provides technologies, products and initiatives to address
critical problems in global health care. The focus is on monitoring health
status, outcomes, and risk toward maximizing clinical awareness, readiness,
and effectiveness. The thrust is on enabling autonomous medical care to
optimize healthcare quality, access, and cost. The core technology expands
virtual instrumentation with universal measurement and rapid knowledge
formation to support service oriented enterprising across global markets.
Trademarked UFIT, the web-based technology powers several business lines in
self-care, employee wellness, remote patient monitoring, chronic disease
evaluation and management. Key applications include intelligent systems for
noninvasive monitoring of common health risks such as high blood pressure,
high blood glucose, and adverse responses to medication. For more information
on Biosign please visit http://www.biosign.com
The CNQ has neither approved nor disapproved the contents of this press
Certain information regarding the company including management's
assessment of future plans and operations, may constitute forward-looking
statements under applicable securities laws and necessarily involve risks
associated with medical technology companies, research and development,
volatility of prices, currency fluctuations, imprecision of estimates,
business environment risks, access to labor and services, competition from
other companies and ability to access sufficient capital. As a consequence,
actual results may differ materially from those anticipated in any
forward-looking statements. The Canadian Trading and Quotation System Inc.
(CNQ) Stock Exchange, does not accept responsibility for the adequacy or
accuracy of this release.
For further information:
For further information: Contact Information: Radu Leca, President &
CEO, Biosign Technologies Inc., Phone: (416) 218-9800 ext. 222, Email: