13:14:19 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



ProMetic Life Sciences Inc
Symbol PLI
Shares Issued 582,145,668
Close 2016-05-24 C$ 2.98
Market Cap C$ 1,734,794,091
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ProMetic Life closes $60.14-million bought deal

2016-05-25 10:25 ET - News Release

An anonymous director reports

PROMETIC ANNOUNCES CLOSING OF $60 MILLION BOUGHT DEAL OFFERING OF COMMON SHARES

ProMetic Life Sciences Inc. has closed its previously announced bought deal public offering of common shares in the capital of the corporation through a syndicate of underwriters led by RBC Capital Markets and Canaccord Genuity Corp., and which included Scotiabank, CIBC Capital Markets, National Bank Financial Inc., Paradigm Capital Inc. and Beacon Securities Ltd. ProMetic issued 19.4 million common shares of the corporation in connection with the offering at a price of $3.10 per share for total gross proceeds of $60.14-million. In consideration for the services rendered by the underwriters under the offering, the underwriters received a cash commission representing 5 per cent of the gross proceeds of the offering.

As previously disclosed, the corporation intends to use the net proceeds from the offering for: (1) the advancement of clinical programs relating to the corporation's orally active anti-fibrotic drug PBI-4050, such as scleroderma and cystic fibrosis; (2) the scale-up of PBI-4050 follow-on drug candidates and their advancement into clinical stages; (3) the advancement of new clinical indications for plasminogen, including wound healing; (4) the expansion of clinical uses and proprietary positions on some plasma-derived orphan drugs; and (5) the expansion of manufacturing capabilities related to the plasma-derived therapeutics. These initiatives, as well as providing additional working capital, will allow the corporation to continue to exercise greater control and ownership over its technology platforms, thereby providing an opportunity to retain a greater portion of the associated value for its shareholders.

The corporation also announced today that it has closed its previously disclosed concurrent private placement entered into with Structured Alpha LP (SALP), an affiliate of Thomvest Asset Management Inc. This concurrent private placement was entered into following the exercise by SALP of its pre-emptive right to participate in any future public offering of ProMetic's common shares. The private placement is for the subscription of 1,921,776 common shares of the corporation at a price of $3.10 per common share, which will be satisfied by the cancellation of indebtedness owing to SALP by ProMetic.

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