NewsProMetic Life Sciences Inc (C-PLI) - News Release
ProMetic sells 17.13 million more shares in offering
2007-09-04 11:56 ET - News Release
Shares issued 234,799,629
PLI Close 2007-08-31 C$ 0.395
Mr. Pierre Laurin reports
PROMETIC RAISES $ 6 MILLION
ProMetic Life Sciences Inc. has received share purchase offers from U.S. institutional investors and therefore will file two supplements to a short form base shelf prospectus of ProMetic that was previously filed on Nov. 3, 2006.
"It is important for ProMetic to complete this financing transaction despite poor market conditions. This will allow ProMetic to fund its revenue growth and to better execute on its business development opportunities," comments Stephane Archambault, vice-president, finance, of ProMetic.
The initial supplement is an amended and restated version of the third supplement previously filed on Aug. 13, 2007, and qualifies the distribution of 11,607,143 subordinate shares of the corporation at a price per subordinate share of 35 cents. In the case of this supplement, the subordinate shares will be issued under an agency agreement between Paradigm Capital Inc. and ProMetic.
The other supplement is a fourth supplement to the prospectus that qualifies the distribution of 5,535,714 subordinate shares of the corporation at a price per subordinate share of 35 cents. Those subordinate shares are issued directly to U.S. institutional investors.
Rodman & Renshaw LLC, a wholly owned subsidiary of Enthrust Financial Services Inc., is participating in this offering as a financial adviser to ProMetic. In addition, ProMetic has granted to the agent an overallotment option which allows the agent to acquire a number of subordinate shares equal to 15 per cent of the subordinate shares sold under this brokered offering.
Closing of the brokered offering is scheduled to take place on or about Sept. 11, 2007, and is subject to the receipt of all regulatory approvals including that of the Toronto Stock Exchange.
We seek Safe Harbor.