Microbix Completes $600,250 Private Placement

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TORONTO, Dec. 6 /CNW/ - Microbix Biosystems Inc. (TSX:MBX) ("Microbix" or the "Company"), a biotechnology company focused on virology and biological technologies, today announced the closing of a small private placement resulting in the issue of 1,715,000 units at a price of $0.35 per Unit. Each unit consists of one common share of Microbix and one common share purchase warrant. Each Warrant entitles the holder to purchase one additional common share at an exercise price of $0.55 for a period of 18 months.  The Company also issued 115,000 finders warrants in connection with the private placement.  Each finders warrant entitles the holder to purchase one Unit of the Company at a price of $0.37 per Unit for a period of 18 months.

The financing was non-brokered. The Company intends to use the proceeds of the private placement for general corporate purposes.

The securities issued in the private placement are subject to hold period of four months and one day from the date of issue. The private placement remains subject to the final approval of the Toronto Stock Exchange. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. Person absent an exemption from the registration requirements.

Microbix Biosystems Inc. specializes in the development of biological technologies and commercializing them through global partners. The Company has intellectual property in large market biotherapeutic drugs, vaccine technologies and animal reproduction technologies. Established in 1988, Microbix is headquartered in Toronto.  

This press release may contain forward-looking statements. The Company disclaims any intent or obligation to update any such these forward-looking statements.

For further information:

Visit www.microbix.com or contact: William J. Gastle, CEO, [phone] x 230; or James Long, CFO, [phone] x 265.