2002 Canadian Stock-Picking Challenge Message Board

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Strategies & Market Trends : 2002 Canadian Stock-Picking Challenge

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To: 1st.mate who wrote (589)	3/28/2002 12:30:38 AM
From: Al Collard	of 1590

HML-t...in the news: Hemosol raises $15-million in bought deal Wed 27 Mar 2002 Mr. Jason Hogan reports HEMOSOL ENTERS AGREEMENT FOR $15 MILLION BOUGHT DEAL Hemosol has entered into a bought deal agreement with a syndicate of underwriters co-led by Sprott Securities Inc. and Yorkton Securities Inc. Under the terms of the agreement, the underwriters have agreed to purchase 3.35 million units of the company at a price of $4.50 per unit, resulting in gross proceeds of $15,075,000. In addition, the company has granted the underwriters an option to purchase an additional 1.12 million units of the company at an offering price of $4.50 per unit for a period ending 48 hours prior to closing. Each unit consists of one common share of the company plus one-half of one purchase warrant where each purchase warrant is exercisable into one common share at a price of $5.50 per common share for a period of one year. The warrants are subject to redemption at nominal consideration six months after closing if the share price is greater than $8.00 for 20 consecutive trading days. Hemosol is currently negotiating certain amendments to its $35-million senior credit facility as a result of the extensions of the time lines for regulatory approvals of Hemolink (hemoglobin raffimer). Until these amendments are in place the company will not be in a position to draw down on the facility. The closing of the offering is conditional upon the company reaching agreement with the senior lenders as to the appropriate amendments to the senior credit facility. The offering is expected to close on or about April 17, 2002. The net proceeds of the offering will be used to finance continuing clinical trials and for general working capital purposes. The transaction is subject to the receipt of all necessary regulatory and stock exchange purposes.

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