I just spotted this news release albeit Sept 20.
Regards
TM TECHNOLOGIES CORP. - PRIVATE PLACEMENT
TORONTO, Sept. 20 /CNW/ - Tm Technologies Corp. (VSE - ``TMC'') announced
today that it has executed a Letter of Intent with MDS Health Ventures Capital
Corp. (``MDSHVCC'') whereby, subject to obtaining of all necessary corporate
and regulatory approvals, completion of MDSHVCC's due diligence
investigations, and execution of formal transaction documents, Funds managed
by MDSHVCC would invest S2,500,000 in Units of Tm, at the price of $0.15 per
Unit (16,666,667 Units). Each Unit would be comprised of 1 Tm Common Share and
1 common share purchase warrants (``Warrant''). Four (4) Warrants would
enable the holder to purchase 1 Tm Common Share at the price of $0.15 in the
first year, and $0.1725 per Common Share in the second year.
As a condition to the MDSHVCC private placement, the previously announced
(August 23, 1996) Private Placement, through Standard Securities Capital
Corporation as Agent, would be amended to provide that the private placees
would purchase $500,000 (3,333,333 Units), on the same terms set forth in the
Letter of Intent with MDSHVCC. Hence, the transaction contemplated by the
Press Release issued by Tm dated August 23, 1996 is withdrawn.
Under the terms of the Letter of Intent, MDSHVCC will have the right to
nominate three members to an eight member board, will recommend the
appointment of a new Chief Executive Officer of Tm, and will also recommend
appointments to a Scientific Advisory Board for Tm.
Pending completion of the transactions summarized above, MDSHVCC will
advance U.S. $60,000 for working capital to Tm, which, at the option of
MDSHVCC may be repaid in cash, or in Tm Common Shares at $0.15 per share.
MDSHVCC manages five Funds which target over $400 million towards
building companies internationally in health care and biotechnology.
The Vancouver Stock Exchange has neither approved nor disapproved of the
information contained herein.
For further information: Michael J. Lane, PhD., Scientific Director, Tm Technologies Inc.,
Telephone: (617) 932-9280; Irwin Singer, Chairman, Tm Technologies Corp., Telephone: (416)
920-2400
17:00e 20-SEP-96 |
