MARKHAM, ON, March 25 /PRNewswire-FirstCall/ - AlphaRx , is pleased to announce a proposed non-brokered private placement in conjunction with its proposed TSX Venture Exchange listing application, subject to TSX Venture Exchange approval, of 16,000,000 units at a price of US$0.10 per unit, for gross proceeds of US$1,600,000.
Each unit consists of one common share plus one-half common share purchase warrant. Each whole common share purchase warrant will enable the holder to purchase one common share at a price of $0.125 for a period of 24 months from closing. Closing of the private placement is subject to the Company’s common shares being listed and posted for trading on the TSX Venture Exchange and the Company becomes a “qualifying issuer” as such term is defined in Multi-Lateral Instrument 45-102 of the Canadian Securities Administrators (“MI 45-102") resulting in the securities issued in the private placement qualifying for a four month hold period pursuant to MI 45-102.
AlphaRx is a specialty pharmaceutical company utilizing proprietary site-specific nanoparticulate drug delivery systems to develop novel formulations of drugs that are insoluble or poorly soluble in water or have yet to be administrable to the human body with an acceptable delivery method. The Company’s product candidates address various pharmaceutical markets, including inflammation, tuberculosis and pneumonia.
Forward Looking Statements:
This release contains forward-looking statements within the meaning and pursuant to the Safe Harbor provisions of the Securities Litigation Reform Act of 1995 and involve risks and uncertainties that may individually or mutually impact the matters herein described, including but not limited to product development and acceptance, manufacturing, competition, regulatory and/or other factors, which are outside the control of the companies.
Copyright @ 2008. AlphaRx Inc.
CONTACT: AGORACOM Investor Relations Corp., Web: www.agoracom.com, E-mail:
ALRX@Agoracom.com