Tm Bioscience Corporation Settles Terms Of $4.86 Million
Financing
TORONTO, ONTARIO--Tm Bioscience Corporation ("Tm Bioscience")
(CDNX; TMC) announced that it has, subject to regulatory approval,
finalized the terms and conditions to the previously announced
$4.86 million financing transaction. Under the transaction, Tm
Bioscience will issue up to 10,000,001 Series A Special Warrants
and 10,000,008 Series B Special Warrants on a brokered private
placement basis at consideration of $0.135 per Series B Special
Warrant and $0.35 per Series A Special Warrant for aggregate gross
proceeds of $4,860,003.
Each Series A Special Warrant will entitle the holder to receive
upon exercise, without further payment, subject to adjustment, one
common share and one common share purchase warrant exercisable at
a price of $0.18 for a term of two years from the date of issuance
of the Series A Special Warrants.
Each Series B Special Warrant will entitle the holder to receive
upon exercise, without further payment, subject to adjustment, one
common share and three quarters of one common share purchase
warrant, each whole purchase warrant exercisable at a price of
$0.35 for a term of two years from the date of issuance of the
Series B Special Warrants.
The issuance of the Special Warrants will be completed in two
tranches. Up to 8,888,889 Series A Special Warrants will be
issued and sold on the first closing date scheduled for January
31, 2000. Up to 1,111,112 Series A Special Warrants and
10,000,008 Series B Special Warrants will be sold on a second
closing date, scheduled for February 7, 2000. The special
warrants sold and issued on the second closing date will be sold
as a special unit, each special unit consisting of one Series A
Special Warrant and 9 Series B Special Warrants.
Tm Bioscience will use its reasonable best efforts to file a final
prospectus qualifying the common shares and common share purchase
warrants within 120 days from the second closing date, after which
a 10% penalty applies.
As part of agent compensation, on the first closing date Tm
Bioscience will also issue First Underwriters' Warrants which are
exercisable, for no additional consideration, for First
Compensation Options to purchase 10% of the Series A Special
Warrants (at a price of $0.135 per Series A Special Warrant)
issued and sold on the first closing date. On the second closing
date, Tm Bioscience will also issue Second Underwriters' Warrants
which are exercisable, for no additional consideration, for Second
Compensation Options to purchase 10% of the Series A Special
Warrants (at a price of $0.135 per Series A Special Warrant) and
Series B Special Warrants (at a price of $0.35 per Series B
Special Warrant) issued and sold on the second closing date.
The agent will also receive a commission of 3.5% of the gross
proceeds of the financing.
These securities have not been registered in the U.S. securities
laws and may not be offered or sold within the United States or to
a U.S. person absent registration or an applicable exemption
therefrom.
Tm Bioscience is an emerging Canadian biotechnology company
developing and commercializing proprietary DNA based technologies
for application in biochips, diagnostics and genomic analysis.
The Company offers pharmaceutical and biotechnology companies the
ability to develop novel nucleic acid based products for medical
and research applications. TM Bioscience is based in Toronto,
Ontario. Additional information about Tm Bioscience can be found
at www.tmbioscience.com.
The Canadian Venture Exchange has neither approved nor disapproved
of the information contained herein.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Tm Bioscience Corporation
Richard Lockie
Chairman and President
(416) 593-4323
(416) 593-1066 (FAX)
or
Jay Hussey
Investor and Media Inquiries
(416) 815-0700 ext. 225
(416) 815-0080 (FAX)
jhussey@equicomgroup.com. |
