PROMETIC ANNOUNCES $53 MILLION BOUGHT DEAL OFFERING
'LAVAL, QUEBEC, CANADA – June 15, 2017 – Prometic Life Sciences Inc. (TSX: PLI) (OTCQX: PFSCF) (“ProMetic” or the “Corporation”) announced today that it has entered into an agreement with Cantor Fitzgerald Canada Corporation as a lead underwriter and sole bookrunner, on its own behalf and on behalf of a syndicate of underwriters (collectively, the "Underwriters") under which the Underwriters have agreed to buy on a bought deal basis, 31,250,000 common shares (the “Common Shares”) in the capital of the Corporation at a price of $1,70 per share for gross proceeds of $53,125,000 (the “Offering”).
ProMetic has also granted the Underwriters an option to purchase an additional 4,687,500 Common Shares at the same offering price for a period of 30 days following the closing of the Offering (the “Over-Allotment Option”). If the Over-Allotment Option is exercised in full, the total gross proceeds of the Offering will be $61,093,750. In consideration for the services to be rendered by the Underwriters under the Offering, the Underwriters will receive a cash commission equal to 6% of the gross proceeds raised under the Offering (inclusive of the Over-Allotment Option).
In connection with the Offering, Prometic will file a preliminary short form prospectus (the “Prospectus”) in all Canadian provinces on or about June 21, 2017. The net proceeds to the Corporation from the Offering will be used for: 1) the completion of the sales and marketing infrastructure necessary for the commercialization of plasminogen and IVIG, 2) the advancement of new clinical indications for plasminogen including wound healing, tympanic repairs and severe burns, 3) the advancement of pivotal clinical programs relating to the Corporation’s orally active anti-fibrotic drug candidate PBI-4050 such as idiopathic pulmonary fibrosis and chronic kidney diseases, 4) the scale-up of PBI-4050 follow-on drug candidates and their advancement into clinical trial stages and 5) the expansion of plasma collection and processing capabilities related to the plasma derived therapeutics. These initiatives, as well as providing additional working capital will allow the Corporation to continue to exercise greater control and ownership over its proprietary technological platforms, therefore providing an opportunity to retain a greater portion of the associated value for its shareholders.
Closing of the Offering is subject to certain conditions including, but not limited to, receipt of all necessary regulatory and stock exchange approvals, including the receipt of listing approval by the Toronto Stock Exchange (“TSX”) for the Common Shares. The Offering is expected to close on or about July 6, 2017. For more information, potential investors should read the Prospectus, including the “Risk Factors” section. A copy of the Prospectus will be available on SEDAR ( www.sedar.com).
The securities offered have not and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws and may not be offered or sold, directly or indirectly, within the United States or to or for the account of any U.S. person (as defined in Regulation S under the U.S. Securities Act) other than under an available exemption from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy any such securities within the United States or to or for the account of any U.S. person.'
Jim |
