By Sheri Kasprzak
Atlanta, Jan. 18 - LAB International Inc. has closed two private placements for a total of C$2.4 million.
The company sold 2.25 million units at C$1.05 each in the offerings. The units include one share and one half-share warrant.
The whole warrants allow for an additional share at C$1.45 each through Dec. 30, 2006.
The two closings will bring to an end a C$9.6 million private placement offering.
The majority of the deal was placed through a syndicate of underwriters led by Dlouhy Merchant Group and including Jennings Capital Inc., Octagon Capital Corp. and PowerOne Capital Markets Ltd. Kingsdale Capital Markets raised the remainder of the funds independently.
Separately at LAB, Andrew Reiter was hired as the company's chief financial officer and Hanns-Christian Palka as the vice president of risk management and controller. Luc Mainville, who had previously been the company's executive vice president and chief financial officer, has been promoted to chief operating officer.
LAB International, based in Laval, Quebec, develops pharmaceuticals delivered through inhalers.
| Issuer: | LAB International Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$2.4 million
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| Units: | 2.25 million
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| Price: | C$1.05
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Dec. 30, 2006
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| Warrant strike price: | C$1.45
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| Placement agent: | Dlouhy Merchant Group (lead); Jennings Capital Inc.; Octagon Capital Corp.; PowerOne Capital Markets Ltd.; Kingsdale Capital Markets (separately)
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| Settlement date: | Jan. 18
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| Stock price: | C$1.08 at close Jan. 17
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