VANCOUVER, Sept. 15 /CNW/ - Welichem Biotech Inc. (the "Company", TSX-V: WBI) announced today that it has closed a non-brokered private placement of 25,000,000 units (the "Units") at the price of $0.15 per Unit as previously announced on July 8, 2009.
Each Unit consists of one post-Consolidation common share (a "Share") and one-half of one share purchase warrant (a "Warrant"). Each Warrant is exercisable into one Share at an exercise price of $0.15 until September 15, 2011.
Upon closing of the private placement the Company has raised gross proceeds of $3,750,000 through the issuance of 25,000,000 Unit offered at a price of $0.15 per Unit. The Shares and Warrants are subject to a TSX Venture Exchange hold period of four months and one day from closing of the private placement. A finder's fee of $375,000 in cash is payable to Luck Up Holdings Ltd.
The net proceeds of the offering will be used for the clinical trials of the Company's drug candidates and for general working capital and general working purposes.
About Welichem Biotech Inc.
Welichem Biotech Inc. is a publicly-traded biotechnology company developing therapeutic drugs in the fields of inflammatory diseases and cancer. For a more complete business and financial profile of the Company, interested parties are encouraged to visit the Company's website, www.welichem.com.
ON BEHALF OF THE BOARD
Tan Xiangdong, Chairman of the Board
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 Welichem Biotech Inc.
For further information: For further information: Genhui Chen, Chief Executive Officer, Tel.: (604) 432-1703, Email: firstname.lastname@example.org