CALGARY, Feb. 20, 2014 /CNW/ - Vivione Biosciences Inc. ("Vivione" or the "Company") (TSXV: VBI) is pleased to announce that it has successfully completed
its previously announced non-brokered private placement offering of
864,000 units at a purchase price of $0.25 per unit for total proceeds
of $216,000 (the "Offering"). Each unit consists of one class "A" common share in the capital of
the Corporation ("Class A Common Shares") and one half of one non-transferable Class A Common Share purchase
warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one Class A Common
Share at an exercise price of $0.35 at any time prior to 4:30 p.m.
(Calgary time) on February 19, 2016, subject to accelerated expiry in
certain circumstances.
Vivione issued these units to the Arkansas Venture Capital Investment
Trust, further strengthening its partnership with the State of
Arkansas. "After several years of working together as Vivione grew from
an idea to a public entity, we are pleased to now make an equity
investment in the company," stated Gene Eagle, President of the
Arkansas Development Finance Authority and Trustee of the Arkansas
Venture Capital Investment Trust. "Vivione is the type of business that
we wish to stimulate in the State of Arkansas; their success clearly
serves as a model for other bioscience and knowledge based companies to
follow."
This most recent investment enables Vivione to acquire additional
equipment in order to complete key food safety certifications.
Moreover, it allows the Company to complete the regulatory approvals
which are necessary to deliver RAPID B as a commercially viable solution for various food pathogens (i.e. E.
coli O157, STEC's, Salmonella, Listeria) in 2014.
"We appreciate the great support Gene and his team have provided over
the years, especially during our early development years and are
pleased to now welcome them as the newest shareholders in the Company,"
stated Kevin Kuykendall, Vivione's CEO. "They have been a great partner
and it is exciting to see their commitment and belief grow to the point
of investing in the future of Vivione."
The Common Shares issued pursuant to the Offering are subject to a
statutory hold period until June 20, 2014. The Offering is subject to
the completion of formal documentation and receipt of regulatory
approval, including the conditional approval of the TSX Venture
Exchange Inc. Vivione intends to use the net proceeds from the Offering
to finance the purchase of additional flow cytometer units for its AOAC
certification program.
About Vivione
Vivione is a TSX Venture Exchange listed biosciences company focused on
the commercialization of its proprietary RAPID-B system; an integrated
system of hardware, software and chemical reagents that quickly and
accurately identify, quantify and qualify bacteria and other pathogens
in key food & water safety, clinical, industrial and oil & gas
environments.
Cautionary Statements
This news release contains "forward-looking statements" within the
meaning of applicable securities laws. In particular, this release
contains forward-looking information relating to the approval of the
option grants, the completion and timing of the Offering and the use of
proceeds of the Offering. Although Vivione believes that the
expectations reflected in its forward-looking statements are
reasonable, such statements have been based on factors and assumptions
concerning future events that may prove to be inaccurate. These factors
and assumptions are based upon currently available information to
Vivione. Such statements are subject to known and unknown risks,
uncertainties and other factors that could influence actual results or
events and cause actual results or events to differ materially from
those stated, anticipated or implied in the forward-looking statements.
Factors that could cause the actual results to differ materially from
those in forward-looking statements include the ability of management
to raise adequate proceeds from the Offering and the failure to obtain
final approval of the Offering from the TSX Venture Exchange.
Additionally, this press release contains forward-looking information
relating to the commercialization of RAPID-B and independent third
party certification of RAPID-B. Readers are cautioned to not place
undue reliance on forward-looking statements. The statements in this
press release are made as of the date of this release and, except as
required by applicable law, Vivione does not undertake any obligation
to publicly update or to revise any of the included forward-looking
statements, whether as a result of new information, future events or
otherwise. Vivione undertakes no obligation to comment on analyses,
expectations or statements made by third-parties in respect of Vivione,
or its financial or operating results or (as applicable), their
securities.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Vivione Biosciences Inc.
