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TORONTO, Feb. 21 /CNW/ - The Toronto Stock Exchange has issued the
following trading halt: Issuer Name: PROMETIC LIFE SCIENCES INC.
TSE Ticker Symbol: PLI Time of Halt: 1:43
Reason for Halt: Pending News
Et la nouvelle est:
PROMETIC LIFE SCIENCES INC. ANNOUNCES A $3.1 MILLION NEW FINANCING AND THE CLOSING OF A PREVIOUS PRIVATE PLACEMENT
MONTREAL, Feb. 21 /CNW/ - ProMetic Life Sciences Inc. (ProMetic : Toronto
: PLI) announces having reached an agreement in- principle in respect of a
private placement of 3,629,295 units at $0.85 per unit for aggregate gross
proceeds of approximately $3.1 million. Each unit is comprised of one
Subordinate Voting Share and one-half of a Warrant. Each whole Warrant
entitles the holder thereof to purchase one Subordinate Voting Share at any
time between the date of issuance and a period of 12 months thereafter, at a
price of $1.10 per share. This private placement is subject to receipt of all
regulatory approvals.
ProMetic also announces the closing, on February 18, 2000, of a
previously announced $2.0 million private placement of preferred shares
detailed as follows : 1,050,000 Series ``A' Preferred Shares for aggregate
gross proceeds of $1,050,000 and of 850,000 Series ``B' Preferred Shares for
the aggregate gross proceeds of $850,000. Holders of the Preferred Shares
shall be entitled to a preferential, cumulative dividend of 12% per year,
payable quarterly. Preferred Shares shall be non-voting and are convertible
into Subordinate Voting Shares of ProMetic at $0.50 per share (Series ``A')
and at $0.60 per share (Series ``B') except for unpaid dividends, which are
convertible at a rate equal to the 20-day trading average of ProMetic's'
Subordinate voting Shares on the Toronto Stock Exchange as of their respective
due dates. An amount of $1.0 million had already been advanced to ProMetic.
This private placement was the subject of a previous press release dated
December 22, 1999.
ProMetic Life Sciences Inc. through its subsidiary ProMetic BioSciences
Inc., is a biopharmaceutical company which uses its unique technology in the
fields of bioseparation, medical devices, drug delivery and the development of
its own biopharmaceutical products. The headquarters of ProMetic Life
Sciences Inc. are in Montreal and it has operations in Canada, the United
States and the U.K. Its shares are traded on the Toronto stock exchange under
the ticker symbol PLI.
Richhhh
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