Proceeds to fund development in health-care, natural resources lines
By Marisa Wong
Madison, Wis., May 26 - Diagnos Inc. said it closed its previously announced non-brokered private placement of units, raising C$3.22 million.
The company sold 11,090,345 units at C$0.29 each. Each unit is comprised of one common share and one-half of a common share purchase warrant.
Each whole warrant entitles its holder to acquire one common share at a price of C$0.40 for 18 months. The strike price is a 35.59% premium to the April 25 closing share price of C$0.295.
Additionally, each warrant carries a forced conversion feature such that if Diagnos shares trade at or above C$0.60 for 20 consecutive trading days within the 18 months, then all of the warrants will be exercised within 30 days or will automatically expire.
Proceeds will be used to fund business development of health-care and natural resources products and services and to fund product development and equipment acquisitions in the health-care line.
Based in Brossard, Quebec, Diagnos develops data-mining software used in the fields of health-care, natural resources and entertainment.
| Issuer: | Diagnos Inc.
|
| Issue: | Units of one common share and one-half of a warrant
|
| Amount: | C$3,216,200
|
| Units: | 11,090,345
|
| Price: | C$0.29
|
| Warrants: | One-half of a share purchase warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Pricing date: | April 26
|
| Settlement date: | May 26
|
| Stock symbol: | TSX Venture: ADK
|
| Stock price: | C$0.295 at close May 25
|
| Market capitalization: | C$15.43 million
|
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