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Biotech / Medical : Nortran Pharmaceutical -NRT.V
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To: Saracen who wrote (475)4/28/1998 8:43:00 AM
From: Paul S.  Read Replies (2) of 1185
 
In an earlier post I stated that the million share cross was probably management exercising warrants in order to bring a strong market partner onto the scene. We will have to wait until insider reports are filed to be sure, but if your contact is correct this makes a lot of sense. Exercise old warrants where by putting money in the till, and at the same time free up capital to reinvest into a unit financing consisting if stock and warrant. This is a popular strategy for junior companies because as you know raising money on a market like the VSE is not an easy task, especially in the last year.

As for the financing, I can't remember the last time I've seen a VSE company announce a 10 Mil financing. Being able to raise that kind of money on a spec market tells me that NRT has great value. Also if raising this cash is what it will take for NRT to be listed on the TSE then it is what the company had to do.

I phoned a couple of brokers yesterday and inquired about participating in this financing but I was told that it is over subscribed by 1 Mil(a good sign). I also found out that Canaccord's precent is minimal compared to Gordon and Goepel(another good sign). My broker feels that a large portion of this financing is spoken for by Institutions in Toronto and Europe (yet another good sign). I was under the impression that only Canadians could take part but it seems that the ruling is only US people cannot take part.

If my assumptions are correct then the million share cross makes a lot more sense, bringing a US based Institution or house on board with a cross because they are unable to take part in the Financing and then taking care of the rest of the team with a 10 mil restricted financing. All in all, very positive step forward for NRT.
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