TORONTO, August 28, 2009 /CNW/ – Microbix Biosystems Inc. (TSX:MBX) announces its
intention to raise up to $750,000 by way of a private placement of up to 2.14 million Units at a price
of $0.35 per Unit.
William J. Gastle, Chief Executive Officer of Microbix, states “The financing is unsolicited and was proposed by a syndicated group of biotech investors who see value in the Company. While Microbix is very close to turning cash flow positive, management and the board believe it is prudent to strengthen our balance sheet as we continue to fund our core business and initiatives associated with Virusmax, Semen Sexing Technology and Urokinase.”
The financing will be non-brokered. A maximum of 2.14 million Units will be issued, each Unit comprised of one common share of Microbix Biosystems Inc. plus one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at a price of $0.55 with an 18 month expiration date.
The Units may be issued in one or more closings and will be subject to a four-month hold period from the date of each closing. Closing is subject to TSX acceptance.
The Company intends to use the proceeds for general corporate purposes.
Microbix specializes in the development of biological technologies and commercializing them through global partners. The Company has intellectual property in large market biotherapeutic drugs, vaccine technologies and animal reproduction technologies. Established in 1988, Microbix is headquartered in Toronto.
This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States. This press release contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forwardlooking statements including the risks associated with failure to get authorization to release Kinlytic for distribution in the US from the FDA, inability to complete financing for the Hunan China project currently the subject of financing; risks associated with commercializing the pipeline technologies; risks associated with failure to develop and commercialize SST; non-adoption of SST; risks associated with currency exchange rates which may exaggerate or reduce the actual financial performance of the Company. These forward-looking statements represent the Company's judgment as of the date of this press release. The Company disclaims any intent or obligation to update these forward-looking statements.
For further information: visit www.microbix.com or contact William J. Gastle CEO, Microbix Biosystems Inc. 416-234-1624 X 230; James Long, CFO, Microbix Biosystems Inc., 416-234-1624 X 265.
William J. Gastle, Chief Executive Officer of Microbix, states “The financing is unsolicited and was proposed by a syndicated group of biotech investors who see value in the Company. While Microbix is very close to turning cash flow positive, management and the board believe it is prudent to strengthen our balance sheet as we continue to fund our core business and initiatives associated with Virusmax, Semen Sexing Technology and Urokinase.”
The financing will be non-brokered. A maximum of 2.14 million Units will be issued, each Unit comprised of one common share of Microbix Biosystems Inc. plus one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at a price of $0.55 with an 18 month expiration date.
The Units may be issued in one or more closings and will be subject to a four-month hold period from the date of each closing. Closing is subject to TSX acceptance.
The Company intends to use the proceeds for general corporate purposes.
Microbix specializes in the development of biological technologies and commercializing them through global partners. The Company has intellectual property in large market biotherapeutic drugs, vaccine technologies and animal reproduction technologies. Established in 1988, Microbix is headquartered in Toronto.
This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States. This press release contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forwardlooking statements including the risks associated with failure to get authorization to release Kinlytic for distribution in the US from the FDA, inability to complete financing for the Hunan China project currently the subject of financing; risks associated with commercializing the pipeline technologies; risks associated with failure to develop and commercialize SST; non-adoption of SST; risks associated with currency exchange rates which may exaggerate or reduce the actual financial performance of the Company. These forward-looking statements represent the Company's judgment as of the date of this press release. The Company disclaims any intent or obligation to update these forward-looking statements.
For further information: visit www.microbix.com or contact William J. Gastle CEO, Microbix Biosystems Inc. 416-234-1624 X 230; James Long, CFO, Microbix Biosystems Inc., 416-234-1624 X 265.