Wednesday, April 1, 2015

Antibe closes $786,000 first tranche of placement

2015-04-01 22:33 ET - News Release

Mr. Dan Legault reports

Antibe Therapeutics Inc. has closed the first tranche of a non-brokered private placement of units, raising gross proceeds of $786,000. Under the terms of the offering, 7,860,000 units (the "Units") were sold at a price of $0.10 per Unit, each Unit comprised of one Common Share of the Corporation and one-half of one Common Share purchase warrant ("Warrant") with each whole Warrant entitling the holder to purchase an additional Common Share ("Warrant Share") at a price of $0.15 per Warrant Share until April 1, 2018. Net proceeds from the Offering will be used for product development and for general corporate purposes.

In connection with the private placement, Antibe has agreed to pay finder's fees in the amount of $57,680 in cash and 576,800 Common Share purchase warrants ("Finder's Warrants"), each of which will entitle the holder to purchase a Common Share at a price of $0.10 per share until April 1, 2017.
The securities issued are subject to a four-month statutory hold period until August 2, 2015.

Antibe may complete a further closing of this non-brokered private placement to bring total proceeds to a maximum offering amount of $1.25 million on or before April 9, 2015, subject to TSXV approval, as well as to the satisfaction of customary closing conditions.
We seek Safe Harbor.

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