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news.Kane Biotech has closed its previously announced private placement with aggregate gross proceeds to the company of $1.55 million, from the sale of 6.2 million units at a price of $0.25 per unit.
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Each unit is comprised of one common share of the company and one-half of one share purchase warrant. Each whole warrant entitles the holder thereof to purchase one share at a price of $0.40 for a period of eighteen months from the date of issuance of the warrant. The net proceeds of the offering shall be used for R&D and working capital purposes.