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Gold/Mining/Energy : TM Bioscience Corp. tmc.v -- Ignore unavailable to you. Want to Upgrade?

To: Norm Gardner who wrote (62)	6/10/1998 4:47:00 PM
From: Norm Gardner	Read Replies (1) \| Respond to of 137

TMC announces new financing deal. Wednesday June 10, 1:07 pm Eastern Time Company Press Release Tm Bioscience Corporation Announces $14.4 Million Financing TORONTO--(BUSINESS WIRE)--June 10, 1998--Tm Bioscience Corporation (VSE:TMC. - news) Tm Bioscience Corporation (VSE - TMC) announced today that it has agreed, subject to regulatory approval, to issue up to 18,000,000 special warrants on a private placement basis at $0.80 per special warrant for aggregate gross proceeds of $14,400,000. Each special warrant will entitle the holder to receive upon exercise, without further payment, one common share and one-half of one common share purchase warrant. Each common share purchase warrant will entitle the holder to acquire one common share for $1.00 for a term of two years from the date of closing of the private placement, scheduled for June 24, 1998. The issue and sale of up to 12,625,000 of the special warrants (not including a 10 percent overallotment option) for proceeds of $10,100,000 will be by way of an underwritten private placement by Yorkton Securities Inc. The remaining 5,375,000 special warrants will be purchased by Canadian Medical Discoveries Fund Inc. (''CMDF'') for proceeds of $4,300,000. Tm will use its reasonable best efforts to file a final prospectus qualifying the common shares and common share purchase warrants within 90 days from the closing of the private placement, after which a 10 percent penalty applies. On closing, Tm will receive 50 percent of the proceeds of the underwritten private placement, with the remaining 50 percent of such proceeds to be held in escrow subject to the achievement by Tm of certain conditions. These securities have not been and will not be registered under U.S. securities laws and may not be offered or sold within the United States or to a U.S. person absent registration or an applicable exemption therefrom. Tm is a DNA products company based in Toronto, Ontario with a subsidiary, Tm Technologies, Inc., in Woburn, Massachusetts. Tm designs, develops and commercializes DNA products for medical diagnostics, therapeutics, biochips, functional genomics and bioinformatics. Contact: Tm Bioscience Corporation Don MacAdam, 416/593-4323 416/593-1066 (FAX)