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

To: Norm Gardner who wrote (63)	6/26/1998 4:05:00 PM
From: Norm Gardner	Read Replies (1) \| Respond to of 137

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: TM BIOSCIENCE CORPORATION VSE SYMBOL: TMC JUNE 24, 1998 Tm Bioscience Corporation Closing of $14.8 Million Financing TORONTO, ONTARIO--Tm Bioscience Corporation announced today that it has closed a private placement of 18,471,250 special warrants on a private placement basis at $0.80 per special warrant for aggregate gross proceeds of $14,777,000. Each special warrant entitles 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 up to June 24, 2000. The issue and sale of 13,096,250 of the special warrants for proceeds of $10,477,000 was by way of an underwritten private placement by Yorkton Securities Inc. The remaining 5,375,000 special warrants were 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, after which a 10 percent penalty applies. Tm received today $9,538,500 of the proceeds (less expenses) of the private placement, and the remaining $5,238,500 of the proceeds were deposited 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. -30-