Calyx arranges up to $2.1-million private placement2014-03-31 07:26 ET - News Release
Mr. Don Konantz reports
CALYX ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
Calyx Bio-Ventures Inc. is arranging a proposed non-brokered private placement of up to 35 million units at a price of six cents per unit for cash proceeds of up to $2.1-million. Each unit comprises one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share of the company at a price of nine cents for a period of 24 months from the closing of the private placement, subject to certain acceleration provisions in the event that the shares of the company trade at 15 cents or higher for 10 consecutive trading days. The company expects that it will pay an 8-per-cent cash finder's fee and finders' warrants equal to 8 per cent of the units placed, and having the same terms as the warrants, on all or a portion of the private placement.
The funds raised from the issuance of the units will be for general working capital and potential further investment into Agrisoma or other businesses in the tech, agriculture and biotech sectors including the MMPR (Marijuana for Medical Purposes Regulations) and the agri-pharmaceutical space. Further to the updates issued on March 24 and 26, 2014, Calyx continues to consider financing solutions for Agrisoma that work for all of Agrisoma's stakeholders.