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news.Kane Biotech has increased the current private placement offering, first reported on February 12, 2008, from a maximum of 4 million units to 6.2 million units, for total gross proceeds of up to $1.5 million.
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As previously announced, each unit will be comprised of one common share of the company and one half of one share purchase warrant. Each whole warrant will entitle the holder to purchase one share at a price of $0.40 for a period of 18 months from the date the warrant is issued. The net proceeds of the offering will be used for the company’s research and development program and for working capital purposes.