SignalGene Inc. (CT:SGI) Completes Private Placement With Network Capital
10/19/2005 5:09:15 PM
SignalGene Inc. (TSX: SGI) today announced that it has completed the previously announced private placement with Network Capital Inc., a Calgary-based investment management company specializing in the oil and gas sector. Under the agreement, Network Portfolio Management Inc., a wholly owned subsidiary of Network Capital, has acquired 100,732,500 Common Shares and 21,192,500 Preferred Shares, Series 1 at a price of $0.071 per share, for a total consideration of $8.68 million. As a result of the transaction, SignalGene has 222,657,718 Common Shares outstanding, of which Network Capital owns approximately 48 per cent, and all of the 21,192,500 Preferred Shares, Series 1 outstanding. On November 6, 2003 at a Special Meeting of Shareholders, SignalGene shareholders having exercise their right to vote approved the subscription agreement with 98% voting in favour of the transaction.
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