Dimethaid closes $3.88-million financing
2004-06-10 12:34 ET - News Release
An anonymous director reports
DIMETHAID COMPLETES PRIVATE PLACEMENT FINANCING
Dimethaid Research Inc. has successfully completed the private placement of 7,285,341 special warrants. The offering was led by McFarlane Gordon Inc. and Paradigm Capital Inc. The special warrants were sold at a price of 58 cents each, providing Dimethaid with proceeds of $3,887,457 after commissions.
Each special warrant may be exercised, without additional consideration, for one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to acquire, at no additional charge, one common share at an exercise price of 73 cents until June 10, 2007. The common shares and warrants issuable on the exercise of the special warrants are intended to be qualified by a prospectus. If the applicable securities regulators do not issue a receipt for the final short form prospectus by June 24, 2004, qualifying the common shares and warrants, each special warrant will become exercisable for 1.1 common shares (in lieu of one common share) and 1.1 common share purchase warrants (in lieu of one common share purchase warrant).
In connection with the transaction, the company has also issued compensation warrants to the agents. The warrants may be exercised, without additional consideration, for compensation options to purchase 364,264 common shares at a price of 58 cents until June 10, 2006.
Net proceeds from this offering will be used for working capital purposes.
WARNING: The company relies upon litigation protection for "forward-looking" statements |
