ID Biomedical closes private placement
VANCOUVER, Oct. 29 /CNW-PRN/ - ID Biomedical Corporation (Nasdaq: IDBE)
(TSE: IDB) announced today the closing of IDB's previously announced private placement of Special Warrants. The offering resulted in the placement of 1,402,700 Special Warrants priced at CDN $2.50 for gross proceeds to IDB of
CDN$3,506,750.
IDB expects subscriptions for a further 547,300 Special Warrants in the coming days, resulting in a fully subscribed private placement of 1,950,000
Special Warrants priced at $2.50 for total gross proceeds to IDB of CDN $4,875,000.
Each Special Warrant will be exercisable into one Common Share and one half of one Share Purchase Warrant. Each whole Share Purchase Warrant entitles the holder to purchase one additional Common Share of the Company at
CDN$2.75 per share for a period of three years from the date of closing.
The Company expects to file a final prospectus qualifying the distribution of the Common Shares and Warrants upon conversion of the Special Warrants
within 90 days of the closing date. If a receipt for the prospectus has not been obtained by that date, each holder of Special Warrants will be entitled to receive 1.075 Common Shares and one-half of one Warrant for each Special
Warrant held.
These securities have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration on an applicable exemption from registration requirements.
The foregoing information includes forward-looking statements concerning, among other things, management's plans and objectives for future corporate objectives. All such forward-looking statements are, by necessity, only
estimates of future results and actual results achieved by the Company may differ materially from these statements due to a number of factors, including i) the Company's ability to successfully complete preclinical development and manufacturing and obtain timely regulatory approval, ii) decisions, and the timing of decisions, made by the health regulatory agencies regarding approval of the Company's products for human testing, and (iii) the market acceptance
of the Company's products. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in assumptions
or changes in other factors affecting such statements.
SOURCE ID Biomedical Corporation
Contact: Dean Linden, Manager, Corporate Communications, ID
Biomedical Corporation (604) 431-9314, idbiomed.com To
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