TORONTO--(BUSINESS WIRE)--Antibe Therapeutics Inc. (“Antibe” or the “Corporation”) (TSXV: ATE) announces its intention to complete a non-brokered private placement of 5,000,000 Common Shares of the Corporation at a price of $0.60 per Common Share for gross proceeds of $3,000,000 (the "Offering").
The Offering is expected to close on or about March 28, 2014, subject to TSXV approval, and to the satisfaction of customary closing conditions.
Net proceeds from the Offering will be used for product development and for general corporate purposes.
The Offering will be made as a non-brokered private placement, exempt from prospectus and registration requirements of applicable securities laws and the securities to be issued will be subject to a four-month hold period. Finder’s fees will be payable in the amount of 10% of the gross proceeds in cash and 10% Common Share purchase warrants (“Finder’s Warrants”), each of which will entitle the holder to purchase a Common Share at a price of $0.60 per share for a term of two (2) years following the date of issuance.
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.