Share rollback canceled. This news makes things a lot better:
"RESPONSE BIOMEDICAL CANCELS ROLLBACK, RESTRUCTURES FINANCING
"Vancouver, British Columbia, January 15, 2001 - Response Biomedical Corp. today announced that the Board of Directors has cancelled the recently announced plan to consolidate the Company's share capital. Consequently, the Extraordinary General Meeting scheduled for March 1, 2001 will not be held. In addition, the $1.2 million financing announced December 12, 2000 has been increased to $1.3 million and the terms have been amended. The Company has received a lead order from Avenir Capital Corporation. Avenir Capital Corporation is a Canadian private investment firm focused on growth oriented companies and has a sound background in equity investment, analysis and management.
"An in depth review of all areas of the Company's program gave the Board increased confidence in the ability to execute its long term financing strategy without a share consolidation" said Bill Radvak, President and CEO.
"Avenir has been one of our strongest supporters and this investment confirms their belief in the RAMP technology."
"We believe that Response Biomedical is working in the right direction to position themselves to meet the milestones they have set forth which will lead them to commercial success," said William Gallacher, COO and Managing Director of Avenir.
"The private placement will be for 5,200,000 units at $0.25, each unit comprising one common share of the Company and common share purchase warrants entitling the holders to purchase an aggregate of 5,200,000 shares. The warrants will be exercisable and expire as follows:
-- 25% at a price of $0.35 per share for six months from the completion of this financing;
-- 25% at a price of $0.35 per share in months 7 to 12 following completion of this financing;
-- 25% at a price of $0.40 per share in months 13 to 18 following completion of this financing; and
-- 25% at a price of $0.45 per share in months 19 to 24 following completion of this financing.
"The private placement is subject to regulatory approval."
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