Sembiosys Genetics Inc. SBIYF

SemBioSys greenshoe boosts offering - $9.56 M

[I_luv_GVG]

Hello everyone, SemBioSys greenshoe boosts offering to $9.56-million 2007-10-19 18:32 ET - News Release Mr. Andrew Baum reports SEMBIOSYS INCREASES OVER ALLOTMENT OPTION OF EQUITY FINANCING - TOTAL GROSS PROCEEDS OF UP TO $9,568,000 SemBioSys Genetics Inc. has agreed to increase the underwriters' option to acquire additional units (as described below) from 375,000 units to 1.18 million units on the same terms as previously announced, at a price of $2.60 per unit. If the underwriters exercise the option to acquire additional units in full, the size of the offering will be increased from 2.5 million units to 3.68 million units and the total gross proceeds to the company will be increased from $6.5-million to $9,568,000. The offering is expected to close on or about Nov. 14, 2007, and is led by Acumen Capital Finance Partners Limited. The closing of the offering is subject to the receipt of all necessary regulatory and stock exchange approvals, as well as completion of standard documentation and other customary terms and conditions. Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at a price of $3.45 at any time on or before 5 p.m. (Mountain Time) on the second anniversary of the closing date of the offering. In the event that after the first anniversary of the closing date of the offering the 20-day average volume weighted trading price of the company's common share exceeds $4.00, the company will have the right to provide notice to the holders of the warrants that the warrants will expire 30 days after such notice unless exercised by the holders. The net proceeds of the offering will be used primarily for the continued advancement of plant manufactured insulin and the cardiovascular therapeutic, Apo AI, in preclinical and clinical development. We seek Safe Harbor. Cheers, I_luv_GVG