Transactions & Cases Detail



Transaction/Case Details

Aptose Biosciences closes C$600 thousand private placement of convertible promissory notes

DATE CLOSED

September 26, 2013

BUSINESS SECTOR

Pharmaceutical / Bio Life Sciences

LEAD OFFICE

Quebec

VALUE

600 Thousand CAD


OVERVIEW

On September 26, 2013, Aptose Biosciences announced that it had completed a private placement of convertible promissory notes for aggregate gross proceeds of C$600,000.The proceeds of the private placement will be used to maintain the current research and development activities of the company while the Special Committee composed of independent directors of the company continues to review strategic alternatives available to the company. Pursuant to this strategic review, which was announced by the company on September 12, 2013, the Special Committee is currently analyzing all options in order to secure the long-term financial and operational sustainability of Aptose, with a view to enhancing shareholder value.

The notes bear interest at a rate of 10% per annum, payable quarterly and are due September 26, 2015, subject to the right of the company to repay the notes at any time. The principal amount of each note is convertible at the option of the holder thereof into common shares of the company at a conversion price of C$0.30 per common share. The notes are subject to a statutory hold period of four months from the date of issuance in accordance with applicable securities law.

Aptose Biosciences, headquartered in Toronto, Ontario, is a biopharmaceutical company specializing in the discovery, research and development of pharmaceutical products.

McCarthy Tétrault LLP represented Aptose Biosciences with a team led by Charles-Antoine Soulière, and including Jacob Stone.

 

Contact


 
For general information on McCarthy Tétrault Transactions & Cases, please contact [email protected].

Related Area of Expertise


Capital Markets
read /

Life Sciences
read /

Pharmaceutical
read /