Chemaphor Inc. (TSXV:CFR)
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OTTAWA, Oct 7 /CNW/ --
Listing: TSX Venture ExchangeSymbol: CFR
OTTAWA, Oct 7 /CNW/ - Chemaphor Inc. (TSX Venture Exchange: CFR), today
announced that it has issued a total of 1,800,000 common shares and
900,000 common share purchase warrants for gross proceeds of $180,000
through a private placement.
This private placement involved the sale of units, each comprised of one
common share and one half of a common share purchase warrant, for a unit
price of $0.10. Each whole warrant entitles the holder to acquire one
common share of Chemaphor at an additional purchase price of $0.10 per
share for two years from closing. The warrants are subject to an
accelerated expiry if, at any time after an initial 4 month hold period
expires, the closing price of Chemaphor's common shares on the TSX
Venture Exchange exceeds $0.20 for any 20 consecutive trading days, in
which event the holder will be given notice that the warrants will
expire 30 days following the date of such notice. The warrants may be
exercised by the holder during the 30-day period between the notice and
the expiration of the warrants.
In connection with the private placement Macquarie Private Wealth Inc.
has received an $18,000 cash commission and warrants to acquire 180,000
common shares. The warrants issued to Macquarie Private Wealth Inc.
have the same terms as the warrants issued to subscribers in the private
placement.
The net proceeds of the proposed offering will be used to fund working
capital and research and development expenditures and for general
corporate purposes.
The securities issued under this private placement are and will be
subject to restrictions on transfer, including a hold period ending four
months after issuance. The private placement remains subject to TSX
Venture Exchange approval. This news release does not constitute an
offer to sell or a solicitation of an offer to buy any securities.
About Chemaphor
Chemaphor, a wellness company, is committed to developing and delivering
products to humans and animals to assist in optimizing health and daily
quality of life. Chemaphor is advancing product candidates for the food
animal market, companion animal market and various, potential human
applications. More information can be found at www.chemaphor.com.
Neither 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.
pbChemaphor Inc./b/p pDr. Graham Burtonbr/(613) 990-0969/p pbEvolution Group Inc/b. /p pSylvain Archambaultbr/1-866-703-4887br/|a href="mailto:s.archambault@evolutiongrp.com"s.archambault@evolutiongrp.com/a/p