Chemaphor Inc. Raises $184,500 in Private Placement
October 29 2010 - 7:00AM
Marketwired
Chemaphor Inc. (TSX VENTURE: CFR), today announced that it has
issued a total of 1,845,000 common shares and 922,500 common share
purchase warrants for gross proceeds of $184,500 through a private
placement.
This private placement involved the sale of units, each
comprised of one common share and one half of a common share
purchase warrant, for a unit price of $0.10. Each whole warrant
entitles the holder to acquire one common share of Chemaphor at an
additional purchase price of $0.10 per share for two years from
closing. The warrants are subject to an accelerated expiry if, at
any time after an initial 4 month hold period expires, the closing
price of Chemaphor's common shares on the TSX Venture Exchange
exceeds $0.20 for any 20 consecutive trading days, in which event
the holder will be given notice that the warrants will expire 30
days following the date of such notice. The warrants may be
exercised by the holder during the 30-day period between the notice
and the expiration of the warrants.
In connection with the private placement Bloom Burton & Co,
Raymond James Ltd. and Macquarie Private Wealth acted as
agents/finders and as a group received an aggregate of $18,450 in
cash commission and warrants to acquire 184,500 common shares.
These warrants have the same terms as the warrants issued to
subscribers in the private placement.
The net proceeds of the proposed offering will be used to fund
working capital and research and development expenditures and for
general corporate purposes.
The securities issued under this private placement are and will
be subject to restrictions on transfer, including a hold period
ending four months after issuance. The private placement remains
subject to TSX Venture Exchange approval. This news release does
not constitute an offer to sell or a solicitation of an offer to
buy any securities.
About Chemaphor
Chemaphor, a wellness company, is committed to developing and
delivering products to humans and animals to assist in optimizing
health and daily quality of life. Chemaphor is advancing product
candidates for the food animal market, companion animal market and
various, potential human applications. More information can be
found at www.chemaphor.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Chemaphor Inc. Dr. Graham Burton 613-990-0969
Evolution Group Inc. Sylvain Archambault 1-866-703-4887
s.archambault@evolutiongrp.com
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