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news.InNexus Biotechnology has negotiated a brokered private placement with Dundee Securities for gross proceeds of approximately C$4 million at a purchase price of $0.25 per unit.
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The placement will be in the form of units, each of which will be 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 for $0.35 for five years following the closing date.
The company will be required to pay the agents a cash fee equal to 7% of the gross proceeds of the placement, in addition to agent’s warrants equal to 7% of the number of units sold in the placement, each of which will entitle the agents to purchase one common share at a price of $0.35 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.