BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

BIOREM Technologies Inc. Announces Initial Closing of Private Placement of Units


5/8/2012 10:25:58 AM

GUELPH, ON, May 7, 2012 /PRNewswire/ - BIOREM Inc. (TSXV:BRM) is pleased to announce the initial closing of its private placement of up to 1,400 Units at a price per Unit of $1,000 for gross proceeds of up to $1.4 million. In the initial closing a total of 535 Units were issued for gross proceeds of $535,000.

Each Unit consists of $1,000 principal amount of 8.00% convertible extendible secured subordinated debentures (the "Debentures") with a maturity date 2 years from the date of issuance and 2,808 common share purchase warrants (the "Warrants"). The Debentures are convertible into fully paid and non-assessable Common Shares of the Company at the option of the holder at any time over their term at a price of $0.178 per Common Share. The maturity date of the Debentures can be extended to the fifth anniversary date of the issuance date of the Debentures by holders of 66.67% of the then outstanding principal amount of Debentures. The Debentures can be prepaid in full at any time by the Company upon giving holders 15 days notice of prepayment. Each Warrant entitles the holder to purchase one common share at a price of $0.178 per share for a period of two (2) years from issuance. All securities issued pursuant to the Private Placement will be subject to a four month hold pursuant to applicable securities legislation.

Additional closings of the private placement may occur up until June 4, 2012. BIOREM intends to use the proceeds from the private placement for working capital and general corporate purposes.

About BIOREM Inc.

BIOREM is a leading clean technology company that designs, manufactures and distributes a comprehensive line of high-efficiency air emissions control systems used to eliminate odors, volatile organic compounds (VOCs), and hazardous air pollutants (HAPs). With sales and manufacturing offices across the continent, a dedicated research facility, a worldwide sales representative network and more than 600 installed systems worldwide, BIOREM offers state-of-the-art technology-based products and peace of mind for municipalities, industrial companies and their surrounding communities. Additional information on Biorem is available on our website at www.biorem.biz.

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 Biorem Inc.



Read at BioSpace.com

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES