DiaMedica Inc. Announces Public Offering
June 24 2011 - 8:36AM
Marketwired
DiaMedica Inc. ("DiaMedica" or the"Company") (TSX VENTURE: DMA),
announced today that it has entered into an engagement letter with
Sora Group Wealth Advisors Inc. ("Sora") and filed a preliminary
short form prospectus (the "Prospectus") in connection with the
public offering (the "Offering") of units of the Company (the
"Units"). The Offering is expected to raise up to $3 million.
Each Unit will consist of one common share in the capital stock
of the Company (a "Common Share") and one common share purchase
warrant (a "Warrant"). Each Warrant will entitle the holder thereof
to purchase one Common Share within two years from the initial
closing date of the Offering, subject to an acceleration of the
expiry date of such Warrants in certain circumstances as more
particularly described in the Prospectus.
The Offering is being placed on a best efforts basis by Sora.
The price of the Units and the exercise price of the Warrants will
be determined by DiaMedica and Sora in the context of the
market.
The Company has granted to Sora, as agent, an option exercisable
in whole or in part at any time prior to the closing date of the
Offering, to increase the number of Units offered by up to 15%.
DiaMedica has applied to the TSX Venture Exchange (the
"Exchange") to list the Common Shares sold pursuant to the Offering
and the Common Shares underlying the Warrants. Listing is subject
to DiaMedica satisfying all requirements of the Exchange.
The total net proceeds from the Offering will be used to fund
our ongoing research and development programs, including
preparation for clinical trials for our lead products, as more
particularly described in the Prospectus.
About DiaMedica
DiaMedica is a biopharmaceutical company that develops novel
therapeutic products designed to improve the lives of people with
Type 1 diabetes, Type 2 diabetes and other large, medically unmet
diseases. DiaMedica's lead product candidate, DM-199, has been
shown to protect and proliferate beta cells and significantly
improve glucose metabolism in preclinical models.
The Company is listed on the TSX Venture Exchange under the
trading symbol 'DMA'.
FORWARD-LOOKING STATEMENTS
The statements made in this press release that are not
historical facts contain forward-looking information that involves
risk and uncertainties. All statements, other than statements of
historical facts, which address DiaMedica's expectations, should be
considered forward-looking statements. Such statements are based on
management's exercise of business judgment as well as assumptions
made by and information currently available to management. When
used in this document, the words "may", "will", "anticipate",
"believe", "estimate", "expect", "intend" and words of similar
import, are intended to identify any forward-looking statements.
You should not place undue reliance on these forward-looking
statements. These statements reflect a current view of future
events and are subject to certain risks and uncertainties as
contained in the Company's filings with Canadian securities
regulatory authorities. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results could differ materially from those
anticipated in these forward-looking statements. The Company
undertakes no obligation, and does not intend, to update, revise or
otherwise publicly release any revisions to these forward-looking
statements to reflect events or circumstances after the date
hereof, or to reflect the occurrence of any unanticipated events.
Although management believes that expectations are based on
reasonable assumptions, no assurance can be given that these
expectations will materialize.
Neither the 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 the contents of this News Release.
Contacts: DiaMedica Inc. Rick Pauls President and CEO
204.477.7590 rpauls@diamedica.com
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