Aptose Biosciences completes C$893 thousand private placement
June 19, 2013
893.00 Thousand CAD
On June 19, 2013, Aptose Biosciences (Aptose or the Company) announced that it completed a private placement of units (the "Units") at a price of C$1,000 per Unit, for aggregate gross proceeds of C$893,000 (the Private Placement).
Each Unit consists of (i) a C$1,000 principal amount of unsecured promissory notes (the Promissory Notes); and (ii) 1,000 common share purchase warrants (each, a Warrant). The Promissory Notes will bear interest at a rate of 10% per annum, payable monthly and are due June 19, 2014. Each Warrant entitles the holder thereof to acquire one common share of the Company at a price per common share equal to C$0.25 at any time until June 19, 2015.
All securities issued in connection with the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable securities law.
The Company intends to use the net proceeds of the Private Placement for general corporate purposes. The proceeds are intended to maintain the current research and development activities of the Company while it is in discussion with several potential parties to secure additional funding by way of equity investment, license payments or other non-diluting financing. Management believes that it will complete one or more of these arrangements in sufficient time to continue to execute its planned expenditures without interruption. However, there can be no assurance that the funding will be available as necessary to meet these continuing expenditures, or if the funding is available, that it will be on terms acceptable to the Corporation.
Aptose Biosciences, headquartered in Toronto, Ontario, is a biopharmaceutical company. It focuses on the discovery, research and development of anti-cancer therapies.
McCarthy Tétrault LLP represented Aptose Biosciences, the issuer, with a team led by Charles-Antoine Soulière.