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news.InNexus Biotechnology has completed a brokered private placement for gross proceeds of C$4.93 million at a purchase price of $0.25 per unit.
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The placement consists of 15.72 million units and four million prepaid warrant units. Each unit is comprised of one common share in the company and one share purchase warrant. Each full warrant will entitle the holder to purchase an additional common share of the company at $0.35 for five years.
Each prepaid warrant unit is comprised of one prepaid warrant which is convertible to one common share in the company at any time at no additional cost immediately following the closing of the placement and one warrant.
In connection with the placement, the company will pay a cash fee equal to $330,050, in addition to 1.32 million agent’s warrants, each of which will entitle the agent to purchase one common share at a price of $0.25 for 36 months from completion of the placement.
Proceeds of the placement, less any fees and expenses associated with the offering, will be used to fund and support InNexus’s research and development programs. The balance will be allocated to fund other research and development programs, working capital and current corporate needs.