Offering sells units of common shares, two-year warrants at C$0.15
By Devika Patel
Knoxville, Tenn., May 22 - Medifocus Inc. said its private placement of units has been oversubscribed and increased to C$7 million from C$2 million. The deal priced on March 16.
The company will now sell 46,666,666 units of one common share and one series B warrant at C$0.15 per unit. The warrants are each exercisable at C$0.20 for two years. The strike price is identical to the May 21 closing share price.
Proceeds will be used primarily for working capital and to continue the phase III clinical trials using the Medifocus Microfocus APA 1000 System to treat breast cancer.
The Burlington, Ont., company is developing minimally invasive, focused-heat tumor-targeted cancer treatment devices and systems.
| Issuer: | Medifocus Inc.
|
| Issue: | Units of one common share and one series B warrant
|
| Amount: | C$7 million
|
| Units: | 46,666,666
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Pricing date: | March 16
|
| Upsized: | May 22
|
| Stock symbol: | TSX Venture: MFS
|
| Stock price: | C$0.20 at close May 21
|
| Market capitalization: | C$6.84 million
|
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