- Microbix Biosystems (MBX) has closed its bought deal public offering and concurrent private placement
- Gross proceeds from the offering totalled $5,750,000
- Gross proceeds from the private placement totalled $1,150,000
- Net proceeds from the offering will be used for expansion-related initiatives, while proceeds from the placement will be directed to general corporate purposes
- Microbix Biosystems Inc develops biological products and technologies
- Microbix Biosystems Inc. (MBX) opened trading at C$0.57 per share
Microbix Biosystems (MBX) has closed its bought deal public offering and concurrent private placement.
The co-lead bookrunners and underwriters of the Offering, iA Private Wealth Inc. and Bloom Burton Securities Inc. have purchased the full offering, including all of the 15% overallotment option, for a total of 9,583,334 units.
Units were priced at $0.60 for aggregate gross proceeds of $5,750,000.
Microbix also closed its concurrent placement of 1,916,666 units for gross proceeds of $1,150,000. The placement was upsized by 15% from the previously announced $1,000,000.
Each unit is comprised of one common share and one-half of one common share purchase warrant. Each warrant is exercisable to acquire one share for a period of 24 months following the closing date at an exercise price of $0.80 per warrant share.
The company paid the underwriters a 7 per cent cash commission and issued 670,833 underwriters’ warrants. No underwriting fees or commissions were paid in relation to the placement.
Net proceeds from the offering will be used primarily towards expansion-related initiatives, while proceeds from the placement will be directed to general corporate purposes.
Directors and officers of Microbix acquired 708,333 units ($425,000) from the offering and 685,000 units ($411,000) from the placement.
Microbix develops proprietary biological technology solutions for human health and well-being.
Microbix Biosystems Inc. (MBX) opened trading at C$0.57 per share.
