Theralase Technologies (TLT-V) has completed an oversubscribed equity financing, raising $3.15-million with accredited investors
www.theralase.com
Nov 7, 2013 - News Release
Theralase Technologies Inc. has completed an oversubscribed equity financing, raising $3.15-million through a private-placement offering. The private placement provided 21 million units for purchase by accredited investors, with each unit composed of one common share and one non-transferable common share purchase warrant. In connection with the financing, the company paid a finder's fee of 10 per cent of the gross proceeds raised and warrants to purchase 10 per cent of the shares sold. Each warrant will entitle the holder to purchase one additional common share at a price of 20 cents per share until Nov. 7, 2015. The securities issued under the private placement, including any shares issued upon exercise of the warrants, will be subject to a four-month holding period ending March 7, 2014.
The company will utilize the proceeds of the private placement to provide working capital to develop the company's strategic initiatives in a number of areas, specifically:
- Canadian and United States sales and marketing expansion;
- Launch of patented next-generation Theralase TLC-2000 therapeutic laser in 2014;
- Completion of patented bladder cancer technology preclinical investigation and commencement of phase 1/2a clinical study in 2014.
As a condition of closing, the chairman of the board of the corporation is required to sell eight million common shares to third parties, following which he will cease to be a control person, as defined under Canadian securities laws. |
