8 December 2010 -- The Board of Directors of Biotie Therapies Corp. has decided to offer 1,493,875 treasury shares to YA Global Master SPV Ltd, a fund managed by Yorkville Advisors, LLC, through a directed share offer against cash payment of EUR 500,000 pursuant to a Standby Equity Distribution Agreement (“SEDA”) as announced on 23 October 2009.
The subscription price of EUR 0.33 per share was determined by the Board of Directors on the basis of the volume-weighted average price of Biotie’s share in the trading on the NASDAQ OMX Helsinki stock exchange during the period from 30 November to 7 December 2010 in the manner determined in the SEDA. The subscription price corresponds to 95 % of the share price of the closing price of the company’s shares determined in the trading on 7 December 2010. The offer is made in order to strengthen Biotie’s working capital and to provide further financing for the company’s R&D programs.
Biotie has already offered 2,967,542 treasury shares pursuant to the SEDA with Yorkville as announced on 23 October 2009.
The shares are offered based on the authorisation by the General Meeting of Shareholders of Biotie held on 15 April 2010. The subscription price of the offered shares will be registered in its entirety to the share capital of Biotie. Biotie now has 161,256,847 shares outstanding and holds additional 14,747,084 treasury shares after the transfer.
Evli Bank Plc acts as lead arranger to Biotie regarding the execution of the SEDA.
In Turku, 8 December 2010
Biotie Therapies Corp.
The Board of Directors
For further information, please contact:
Virve Nurmi, Investor relations manager. tel. +358 2 274 8900 e-mail: virve.nurmi@biotie.com www.biotie.com
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd Main Media
