TORONTO, Aug. 22, 2014 /CNW/ - Microbix Biosystems Inc. (TSX: MBX), an innovator of biological products and technologies, today announced the closing of a private placement financing resulting in the issuance of 3,134,025 units at a price of $0.39 per unit for gross proceeds of $1,222,269. Each unit consists of one common share of Microbix and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at an exercise price of $0.55 for five years.
Insiders of the Company participated in the financing by purchasing an aggregate of 1,964,615 units. The financing was non-brokered. A total of 34,910 finder’s warrants were issued. Each finder’s warrant entitles the holder to purchase one unit at a price of $0.47 for a period of five years. The net proceeds of this financing will be used for general working capital purposes across the Company’s businesses. The securities issued in the private placement are subject to a hold period of four months and one day from the date of issue. The private placement remains subject to the final approval of the Toronto Stock Exchange.
Vaughn Embro-Pantalony, President and CEO of Microbix commented on this private placement, “We are working to rapidly advance several growth-oriented projects at our Company. We believe the proceeds of this private placement will help ensure that there are no funding related delays to our targeted timelines. Also, I am very pleased with the significant level of insider participation in this financing, which is a strong vote of confidence in our Company’s performance and future direction.”
The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. Person absent an exemption from the registration requirements.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
About Microbix Biosystems Inc.
Microbix Biosystems Inc. specializes in the research and development of biological solutions, including products for human health applications, namely in the vaccine, therapeutic and diagnostic markets, as well as animal reproductive markets worldwide. The Company manufactures and distributes a wide range of infectious disease antigens to a worldwide customer base. The Company’s pipeline of innovative technologies and products includes LumiSort™ semen sexing technology for the livestock industries, Kinlytic®, a thrombolytic drug with several approved and potential applications including the treatment of life-threatening blood clots, and VIRUSMAX®, a proprietary technology for increasing virus yields in the manufacture of influenza vaccine. Established in 1988, Microbix is a publicly traded company, listed on the Toronto Stock Exchange, and headquartered in Mississauga, Ontario.
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