TORONTO--(BUSINESS WIRE)--Antibe Therapeutics Inc. (“Antibe” or the “Corporation”) (TSXV:ATE) is pleased to announce that it has completed the final closing (the “Final Closing”) of its previously announced non-brokered private placement (the “Offering”), raising gross proceeds of $347,979. Under the terms of the Final Closing, 632,689 units (the “Units”) were sold at a price of $0.55 per Unit where each Unit is 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 $0.80 per Warrant Share for a term of thirty-six (36) months following the date of issuance. An initial closing of the Offering was completed on December 30, 2013 wherein 1,635,354 Units were sold raising gross proceeds of $899,445. The Final Closing brings the total gross proceeds raised under the Offering to $1,247,424.
Net proceeds from the Offering will be used for product development and for general corporate purposes.
In connection with the Final Closing, Antibe has agreed to pay finder’s fees in the amount of $28,298 in cash and 51,450 Common Share purchase warrants (“Finder’s Warrants”), each of which will entitle the holder to purchase a Common Share at a price of $0.55 per share until January 28, 2016.
The securities issued under the Final Closing are subject to a four-month statutory hold period until May 29, 2014.
The securities described in this offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States or to "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act ("U.S. Persons") except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities in the United States or to U.S. Persons, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful.
About Antibe Therapeutics Inc.
Antibe Therapeutics Inc. originates, develops and out-licenses patent-protected new pharmaceuticals that are improved versions of existing drugs. These improvements are based on Nobel Prize-winning medical research highlighting the crucial role of gaseous mediators, chemical substances produced in the human body to regulate a range of fundamental cellular processes. The Corporation’s drug design methodologies involve chemically linking an existing off-patent drug (“base drug”) to an Antibe-patented, hydrogen sulfide-releasing molecule. For medical conditions characterized by inflammation, pain or vascular dysfunction, the Corporation’s methodologies can efficiently produce improved versions of a number of existing drugs. Notably, Antibe’s products are themselves fully patent-protectable and may benefit from the predictable toxicity and effectiveness profiles of the base drug.
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 this release.