Deal’s proceeds to fund debt repayment, working capital, acquisitions
By Devika Patel
Knoxville, Tenn., June 7 – Network Life Sciences Inc. said it plans a C$2 million private placement of units.
The company will sell 10 million units of one common share and one warrant at C$0.20 per unit. Each warrant will be exercisable at C$0.40 for one year. The strike price reflects a 185.71% premium to the June 6 closing share price of C$0.14.
If the company's closing share price is C$0.60 or greater for 10 consecutive trading days, the company will have the right to accelerate the expiry of the warrants.
Proceeds will be used to pay down debt, for general working capital and possible business acquisitions.
The Vancouver, B.C., company sells a portfolio of generic oncology products in Europe.
| Issuer: | Network Life Sciences Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2 million
|
| Units: | 10 million
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.40
|
| Pricing date: | June 7
|
| Stock symbol: | CSE: NOI
|
| Stock price: | C$0.14 at close June 6
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