TORONTO, Dec. 21, 2012 /CNW/ - Biosign Technologies Inc. (TSXV: BIO) (the "Company") announced today that it has closed a private placement for 4,000,000 units of the Company (the "Units") at a purchase price of $0.05 per Unit, which forms part of its recently announced private placement financing (see news November 29, 2012). Each Unit is comprised of one common share and one common share purchase warrant. Each common share purchase warrant is exercisable for a 2-year period at $0.05 per share during the first 12 months and $0.10 per share in the second twelve months.
Additionally, the company has accepted a subscription for an additional 6,000,000 units, with the same terms and conditions, from the same investor. The second 6,000,000 unit private placement is scheduled to close as to $50,000 on January 8, 2013, $150,000 on January 14, 2013 and $100,000 on February 14, 2013.
The Company also announced the appointment of Mr. Peter Hamilton to the position of Executive Vice President of Business Development, effective January 1st, 2013. Mr. Hamilton is an experienced software executive and the former CEO of Innovation Group (Europe).
Biosign CEO Robert Kaul stated: "This capital raise provides needed financial resources for the Company to continue with its revitalization plan. The Company is able to retain the services of senior business advisors with expertise in accounting, business development and international sales. The Company is now better positioned to pursue its primary corporate objectives for the coming year, which include increased sales into the United States, Canada and Europe."
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Biosign Technologies Inc.
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