Monday Deal Review: July 20, 2009
July 20, 2009
Posted by on
This week’s deal review has some more info about Ambrilia’s deal with Kotinos that I tweeted about at the time (my Twitter stream shows up in the sidebar on the right here), as well as an update on JLL-Patheon and a raft of securities deals, including an issuer bid
- ALERT B&C Corporation (TSXV: ACB) closed its private placement at $300,000 — the same amount that had been sold as of the first closing in June.
- iCo Therapeutics Inc. (TSX-V: ICO) placed 1,187,500 common shares at $0.40 per share for gross proceeds of $475,000. A 7% finder’s fee is payable for a portion of the placement.
- PharmaGap Inc. (TSX-V: GAP) issued 717,000 equity units at $0.16 each for gross proceeds of $114,720. Each unit is one common share and one (2-year $0.20) warrant to purchase one common share — the same terms as the June private placement. Same crowd as last time: Capital Street Group Investment Services Inc. gets an advisory and structuring services fee of $8,317 plus 48,397 warrants; and Northern Securities Inc. gets $8,030 plus 50,190 warrants as finders fees. PharmaGap also noted that June’s shares-for-debt deal with the NRC has TSX-V approval but is waiting for sign-off from NRC’s legal and financial services staff.
- MedBioGene Inc. (TSX-V: MBI) extended its recent private placement to add a $475,979 investment from SEP Capital Corporation, a capital pool company listed on the TSX Venture Exchange (TSX-V: SEP.P), which is investing all of its available cash reserves. On June 5 and 25, 2009, MBI completed the first and second tranches of the private placement through the issuance of 20 million units for gross proceeds of $1.6 million. The units (common share plus one-half of a $0.10 24-month warrant) are all placed at $0.08 per unit. The warrants are subject to acceleration by MBI if the closing price of the common shares on the TSX Venture Exchange is greater than $0.30 for twenty or more consecutive trading days. MBI is covering $10,000 of SEP’s expenses by issuing an additional 125,000 units. MBI will pay a third party finder’s fee of $12,500 and issue warrants to purchase 156,250 common shares on the same terms as the warrants underlying the units.
Bradmer Pharmaceuticals Inc. (TSX: BMR) is launching a substantial issuer bid to purchase up to 8,300,000 of its 13,488,215 outstanding common shares for cancellation at a price of Cdn$0.20 per share, which will be funded by Bradmer out of cash on hand. Full details of the Offer will be in the issuer bid circular and other related documents (which aren’t up on SEDAR yet, but will be here when they are). Bloom Burton & Co is providing the formal valuation. Bradmer has been notified that the TSX is reviewing its eligibility for continued listing of the common shares and has until February 8, 2010 to satisfy the exchange’s requirements. Bradmer may transfer its listing to the TSX Venture Exchange or the NEX Board of the TSX Venture Exchange.