VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 19, 2016) - Pacgen Life Sciences Corporation, (TSX VENTURE:PBS) (“Pacgen” or the “Company”) announced today that it plans to complete a non-brokered private placement of up to 5,300,000 units (“Units”) at a subscription price of $0.06 per unit for gross proceeds of up to $318,000. Proceeds from the private placement will be used for general corporate purposes.
Each Unit will consist of one common share in the capital of Pacgen and one-half of one common share purchase warrant. Each whole warrant will entitle the holder thereof to acquire one additional common share at a price of $0.08 for a period of two years from the closing date. All Units issued pursuant to the private placement will be subject to a four month hold period following closing.
As members of Pacgen’s Board of Directors will be subscribing for $248,000 of the Units offered under the private placement, the issuance of the Units is considered a related party transaction subject to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (“MI 61-101"). Pacgen is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under MI 61-101 on the basis that participation in the private placement by insiders will not exceed 25% of the fair market value of Pacgen’s market capitalization. Closing of the private placement is subject to the approval of the TSX Venture Exchange.
Pacgen also announced the election of its President and Chief Financial Officer, Ms. Christina Yip, to its Board of Directors at its annual general meeting of its shareholders on December 8, 2015. The Company’s board of directors now consists of Mr. Chung-Yu Wang, Mr. Alan Savage, Mr. John Hsuan, Dr. Telvin Ju, Mr. Fred Huang, Dr. Jeng-Horng Her and Ms. Christina Yip.
About Pacgen
Pacgen is a life sciences company focused on the commercialization of life science products and services. The Company has an exclusive worldwide license to develop and commercialize a novel antifungal called PAC-113. The Company has sublicensed its PAC-113 right to General Biologicals Corporation (“GBC”), who has recently launched non-prescription over-the-counter (“OTC”) products containing PAC-113 in Taiwan. In accordance with the sublicense arrangement, Pacgen is entitled to royalty based on product sales by GBC. For additional information, please visit www.pacgenlife.com.
