Published on 7/11/2008 in the Prospect News PIPE Daily.
New Issue: Bio-Bridge sells $1.45 million more of units, deal lifted to $4.23 million
By Devika Patel
Knoxville, Tenn., July 11 - Bio-Bridge Science, Inc. said it has increased the size of a private placement of units by selling $1.45 million additional units. The deal settled for $2.78 million on July 3, but now has a total size of $4.23 million.
As previously reported, on July 2, the company sold 3,448,276 units of one common share and one half-share warrant at $0.725 per unit to NFR International Pty Ltd. and China Diamond Ltd., companies controlled by a member of Bio-Bridge's board of directors, Trevor Roy. It sold 2 million more units on July 9 to Cheung Hin Shun Anthony.
Each five-year warrant will be exercisable at $1.10.
In June, the filing said, Bio-Bridge sold 366,667 units at $0.75 per unit to four investors. Each unit includes one common share, a three-year half-share warrant, exercisable at $0.75, and a five-year half-share warrant, exercisable at $1.20.
Proceeds will be used for general working capital purpose and to fund the company's vaccine development activities in China
Based in Oak Brook, Ill., Bio-Bridge develops treatments for infectious diseases.
Issuer: | Bio-Bridge Science, Inc.
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Issue: | Units of one common share and one half-share warrant, units of one common share and two half-share warrants
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Amount: | $4,225,000.35
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Stock symbol: | OTCBB: BGES
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Stock price: | $1.75 at close July 2
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June deal
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Amount: | $275,000.25
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Units: | 366,667
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Price: | $0.75
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Warrants: | Two half-share warrants per unit
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Warrant expiration: | Three years (one half-share warrant), five years (other half-share warrant)
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Warrant strike price: | $0.75 (three-year warrant), $1.20 (five-year warrant)
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Settlement date: | June
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July deal
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Amount: | $3,950,000.10
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Units: | 3,448,276
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Price: | $0.725
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Five years
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Warrant strike price: | $1.10
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Investors: | NFR International Pty Ltd., China Diamond Ltd., Cheung Hin Shun Anthony
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Settlement date: | July 2 (for $2,500,000.10), July 9 (for $1.45 million)
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