$600,000 financing @ .15c
Biomark Diagnostics arranges $600,000 private placement
2016-03-09 16:51 ET - News Release
Mr. Rashid Bux reports
BIOMARK ANNOUNCES PRIVATE PLACEMENT OFFERING
Biomark Diagnostics Inc. has arranged a non-brokered private placement for up to four million units at a price of 15 cents per unit to raise gross proceeds of up to $600,000. Each unit will consist of one common share of Biomark and one-half of one share purchase warrant. One whole share purchase warrant will entitle the holder thereof to purchase one common share of Biomark at 30 cents per share for a period of one year from the closing date of the private placement.
President and chief executive officer of Biomark, Rashid Ahmed Bux, stated: "This is an exciting time for Biomark as we work towards completing our formative phase 3 clinical trial utilizing our unique, non-invasive early cancer detection technology. We anticipate 2016 to be a milestone year for the company with the completion of a clinical trial and the commercialization of our early detection platform."
The proceeds of the private placement will be used for the continuation of the company's phase 3 clinical trials, marketing initiatives and general working capital. The securities in the private placement will be subject to a holding period of four months and one day from the closing date of the private placement. Certain insiders, directors and officers may subscribe for a portion of this placement. Finders' fees may be payable.
The warrants are subject to an accelerated expiry provision whereby, if at any time after the closing date of the offering of the units, the closing price of the common share is 50 cents or higher for a period of 10 consecutive trading days, the company may provide notice by way of press release to the holder of the warrants of the early expiry of the warrants. Thereafter, the warrants shall expire on that date that is 30 days from the date that notice is given.
We seek Safe Harbor.