The private placement will consist of 1.72 million shares at a price of $0.58. The closing of this transaction will bring Mr Laurin’s direct and indirect ownership position to 12.8 million subordinate voting shares of ProMetic Life Sciences, or 4.75% of the outstanding shares issued.
The proceeds of this placement will predominantly contribute to the acceleration of the development of PBI-1402, ProMetic’s orally active drug for the treatment of anemia. The closing of this transaction is subject to customary closing conditions. Unless permitted under securities legislation, InvHealth Holding may not trade these securities before April 13, 2008.
ProMetic’s board of directors approved this private placement. Mr Laurin disclosed his interest and abstained from voting in accordance with the Canada Business Corporations Act. In accordance with related-party transaction disclosure requirements, it was reasonable in the circumstances for ProMetic not to file a material change report disclosing this private placement 21 days before the expected date of closing because this would have postponed closing.