CARLSBAD, CALIFORNIA--(Marketwired - Jan. 14, 2014) -
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Aurora Spine Corporation (TSX VENTURE:ASG) ('Aurora Spine" or the "Company") is pleased to announce that it has confirmed that the anticipated size of its previously announced private placement of common shares ("Common Shares") will be $10 million, with such shares being issued at a price of CDN$3.15 per share (the "Offering"). The Offering is being led by Clarus Securities Inc. (the "Lead Agent").
In connection with the Offering, the Company will pay a cash commission to the Lead Agent equal to 5.5% of the gross proceeds raised under the brokered portion of the Offering; provided however, that the fee payable in respect of presidents' list purchasers will be 2.0% rather than 5.5%.
The net proceeds from the Offering will be used to fund manufacturing and sales and marketing of the Company's ZIP and other FDA approved products and for general working capital purposes.
The Company expects that the Offering will close on January 15, 2014. All securities issued by Aurora Spine in connection with this Offering will be subject to a statutory four month hold period. Completion of the Offering is subject to a number of conditions, including, without limitation, the Company and the Lead Agent entering into a binding agency agreement and receipt of all required regulatory approvals, including the final approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Aurora Spine
Aurora Spine is an early stage company focused on bringing new solutions to the spinal implant market through a series of innovative, minimally invasive, regenerative spinal implant technologies.
Forward-Looking Statements
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurora Spine, including, without limitation, those listed under "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Information" in Aurora Spine's final prospectus (collectively, "forward-looking information"). Forward-looking information in this news release includes information concerning the Offering and the proposed completion thereof. Aurora Spine cautions investors of its securities about important factors that could cause Aurora Spine's actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ unilaterally from those expressed in such forward-looking statements. No assurance can be given that the expectations set out herein will prove to be correct and, accordingly, prospective investors should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this press release and Aurora Spine does not assume any obligation to update or revise them to reflect new events or circumstances.