Tm Bioscience Corporation - Closing of First Tranche of $4.85 Million Financing
TORONTO, Feb. 1 /CNW-PRN/ - Tm Bioscience Corporation (``Tm Bioscience') (CDNX:TMC - news) announced today that it has closed the sale of 8,888,889 Series A Special Warrants, on a brokered private placement basis, at $0.135 per Series A Special Warrant for aggregate gross proceeds of $1,200,000. 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 at a cost of $3.285 per special unit.
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.
In connection with the closing of the first tranche, Tm Bioscience also issued Compensation Warrants which are exercisable for no additional consideration, for Compensation Options to purchase the 888,888 units, each comprising of one common share and one common share purchase warrant exercisable at a price of $0.18 until January 31, 2002, at a price of $0.135.
These securities have not been and will not be registered under 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.
SOURCE: Tm Bioscience Corporation |
