NEW YORK (GenomeWeb News) – Miraculins has completed a private placement of 10.2 million units, raising C$510,000 (US$505,000) in proceeds.
The Winnipeg, Canada-based diagnostics firm said that it has sold the units at C$.05 each. The units are comprised of one common share and one share purchase warrant. Each warrant entitles the holder to purchase one share at a price of C$.10 for a period of 12 months after the warrant is issued.
Miraculins noted that the warrants are callable, at its option, in the event the shares trade at or above $.14 per share for any 20 out of 30 consecutive trading days.
Miraculins, which makes biomarker-based diagnostic tests, said that it will use the proceeds for R&D and working capital purposes.
Its shares closed up 23 percent at C$.08 per share in Thursday trade on the TSX Venture Exchange.