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To: NY0001 who wrote (284)	11/19/1998 12:20:00 PM
From: NY0001	Read Replies (1) \| Respond to of 512

Forbes Medi-Tech closes $10 million financing with LOM. How many biotech companies are closing financings in Canada these days? News details below. Wednesday November 18, 2:22 pm Eastern Time Company Press Release Forbes Closes Special Warrant Offering with Loewen Ondaatje McCutcheon VANCOUVER, BRITISH COLUMBIA--Forbes Medi-Tech Inc. (VSE: FMI - news; ''Forbes'' or the ''Company'') is pleased to announce that it has closed a private placement of 1,428,571 special warrants (the ''Warrants''), at a price of $7.00 per Warrant, for total gross proce eds of $10,000,000. Each Warrant will entitle the holder to acquire, upon exercise, one common share of the Company and one-half share purchase warrant (a ''Unit''). Each share purchase warrant will entitle the holder to purchase one additional common share in the Company at $8.00 per share for a period of eighteen months from the date of the closing of the private placement. The net proceeds of the private placement were released to Pacific Corporate Trust Company, to be held in trust for the Company. Loewen, Ondaatje, McCutcheon Limited acted as agent (the ''Agent'') and received a cash commission and a Special Compensation Option, exercisable for a Compensation Option, which, upon exercise, will entitle the Agent to purchase up to 85,714 Units. The Company has undertaken to file a prospectus in British Columbia and Ontario to qualify the issuance of the Units upon exercise of the Warrants. The funds held in trust will be released to the Company upon the issuance of final receipts for the prosp ectus from the applicable securities commissions. If a receipt for the prospectus is not issued within 120 days of closing, then the holders of the Warrants will receive, upon exercise, one common share and three-quarters of a share purchase warrant. T he Company has also agreed to use its best efforts to obtain a listing of the Warrants on the Vancouver Stock Exchange. The net proceeds received by the Company will be used for ongoing research & development activities, pre-clinical and clinical trials, production and for general corporate purposes. ON BEHALF OF THE BOARD OF DIRECTORS OF FORBES MEDI-TECH INC. Tazdin Esmail, President and CEO FORBES MEDI-TECH is a Vancouver-based biotechnology company dedicated to research, development and commercialization of pharmaceutical and nutraceutical products derived from forest industry by-products. By extracting plant sterols from tall oil soap, a pulping by-product, Forbes is developing cholesterol-lowering agents to be used both as pharmaceutical therapeutics and functional food ingredients, in the battle against heart disease. Forbes is also developing innovative fermentation technology that c onverts plant sterols into pharmaceutical fine chemicals, essential in the manufacturing of various pharmaceutical steroids. Using the base products of these technologies, Forbes is further developing methods for the production of ''higher value'' steroids such as sex hormones and birth control agents. The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release. The statements made in this News Release may contain certain forward-looking statements. Actual events or r esults may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company. Exemption from registration pursuant to Rule 12(g)3-2(b) 82-3139.