Here it is:
Company Press Release
SOURCE: Nortran Pharmaceuticals Inc.
Nortran Pharmaceuticals Inc. Announces Brokered
Private Placement Co-Led By Canaccord Capital Corp.
And Gordon Capital Corp., With Goepel McDermid Inc.
Participating
VANCOUVER, April 24 /CNW-PRN/ - Nortran Pharmaceuticals Inc.
VSE: NRT; NASD BB: NTRDF
Nortran Pharmaceuticals Inc. announces a brokered private placement to be co-led by Canaccord
Capital Corp. and Gordon Capital Corp., with Goepel McDermid Inc. participating, to raise on a
best efforts basis, gross proceeds of $10,500,000. The private placement will consist of 5,000,000
special warrants at $2.10 each. Each special warrant will be exercisable, without payment of
additional consideration, into one unit comprised of one common share of Nortran and one half of
one non-transferable common share purchase warrant. Each whole share purchase warrant will
entitle the holder to purchase an additional common share of Nortran at $2.50 for one year from
the date of closing of the private placement.
In consideration for the service performed by the Agents, Nortran will pay the Agents a cash fee
equal to 7.0 % of the proceeds of the offering and will issue agent's warrants entitling the Agents to
purchase such number of shares of Nortran equal to 10% of the number of special warrants sold.
Each agent's warrant will have the same terms as the common share purchase warrants forming
part of the units.
The net proceeds of the offering will be used for preclinical and clinical trials, upgrades and
acquisitions of laboratory equipment, computers and building facilities as well as to provide
working capital for operations.
The securities have not and will not be registered under the Securities Act of 1933 and may not be
offered or sold in the United States absent registration or an applicable exemption form registration
requirements.
On March 18, 1998, Nortran granted, subject to VSE approval, incentive stock options entitling
an employee of the Company to purchase an aggregate of 600,000 common shares of the
Company at a price of $1.49 per share.
Nortran Pharmaceuticals Inc. is a drug discovery company whose focusing on pathology targeted
small molecules. Nortran's current drugs in development target the ion channels responsible for
life-threatening arrhythmias of the heart and for intractable pain.
ON BEHALF OF THE BOARD
''Bob Rieder''
Robert W. Rieder
Chief Executive Officer
THE VANCOUVER STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT
ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS
RELEASE.
SOURCE: Nortran Pharmaceuticals Inc. |
