Aurinia Announces Closing of US$7 Million Private Placement
June 22 2016 - 4:15PM
Business Wire
Aurinia Pharmaceuticals Inc. (NASDAQ:AUPH / TSX:AUP) (“Aurinia”
or the “Company”) has completed its previously announced private
placement of 3,000,000 units of the Company at US$2.36 per unit for
total gross proceeds of US$7,080,000 (the “Private Placement”).
Each unit consists of one common share of the Company and a 0.35 of
one common share purchase warrant exercisable for a period of two
years from the date of issuance at an exercise price of US$2.77.
Further information regarding the terms of the private placement
and the units issued thereunder can be found in the Company’s press
release dated June 15, 2016.
All securities issued pursuant to the Private Placement are
subject to a four month-and-one-day hold period in Canada and a six
month hold period in the United States in accordance with
applicable securities laws. Pursuant to a registration rights
agreement entered into with each subscriber, the Company will,
within 30 days of closing, file a prospectus supplement under its
registration statement on Form F-10 with respect to resales in the
United States, from time to time, of the common shares issuable
under the Private Placement and the common shares issuable upon the
exercise of warrants. Upon filing of the prospectus supplement, the
common shares and warrant shares will be freely tradeable in the
United States if sold pursuant to the resale registration
statement.
Certain insiders participated in the Private Placement. The
Private Placement is exempt from the formal valuation and majority
of the minority requirements applicable to related party
transactions as set out in National Instrument 61-101 Protection of
Minority Securityholders in Special Transactions as the aggregate
fair market value of the securities purchased by related parties
pursuant to the Private Placement is less than 25% of Aurinia’s
market capitalization.
Canaccord Genuity Inc. acted as sole placement agent for the
Private Placement.
About Aurinia
Aurinia is a clinical stage pharmaceutical company focused on
the global nephrology market. The fully-enrolled Phase 2b AURA-LV
clinical trial is evaluating the efficacy of its lead drug,
voclosporin, as a treatment for active LN. LN is an inflammation of
the kidneys, that if inadequately treated can lead to end-stage
renal disease, making LN a serious and potentially life-threatening
condition.
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For More Information:Aurinia
Pharmaceuticals Inc.Michael R. Martin, 250-708-4272Chief Operating
Officermmartin@auriniapharma.comorRenmark Financial Communications
Inc.Barry Mire: bmire@renmarkfinancial.comLaura Welsh:
lwelsh@renmarkfinancial.comTel: (416) 644-2020 or (514)
939-3989