/NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES./
TORONTO, Aug. 29, 2014 /CNW/ - Microbix Biosystems Inc.
(TSX: MBX), an innovator of biological products and technologies,
today confirmed that it has closed the second and final tranche of
the recently announced private placement offering.
Microbix is pleased to announce that the offering was fully
subscribed with the issuance of an aggregate of 5,128,206 units, of
which 1,994,183 units were issued in the second tranche. Microbix
received total gross proceeds from the offering of $2,000,000. Each unit consists of one common
share of Microbix and one common share purchase warrant. Each
warrant entitles the holder to purchase one additional common share
at an exercise price of $0.55 for
five years. Insiders of the Company participated in the financing
by purchasing an aggregate of 1,964,615 units representing over 38%
of the offering. The financing was non-brokered. A total of
121,555 finder's warrants were issued. Each finder's warrant
entitles the holder to purchase one unit at a price of $0.47 for a period of five years.
The securities issued in the private placement are subject to a
hold period of four months and one day from the date of issue. The
private placement is subject to final approval by the Toronto Stock
Exchange.
Vaughn C. Embro-Pantalony,
President and CEO of Microbix commented, "I am very pleased the
private placement was fully subscribed, and that it received such
strong support from insiders. The proceeds from this financing
ensure there will be no funding related delays as we continue to
advance the growth priorities of our Company."
The securities described herein have not been and will not be
registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States or to a U.S. Person absent
an exemption from the registration requirements.
The Toronto Stock Exchange does not accept responsibility for
the adequacy or accuracy of this release.
About Microbix Biosystems Inc.
Microbix Biosystems
Inc. specializes in the research and development of biological
solutions, including products for human health applications, namely
in the vaccine, therapeutic and diagnostic markets, as well as
animal reproductive markets worldwide. The Company manufactures and
distributes a wide range of infectious disease antigens to a
worldwide customer base. The Company's pipeline of innovative
technologies and products includes LumiSort™ semen sexing
technology for the livestock industries, Kinlytic®, a thrombolytic
drug with several approved and potential applications including the
treatment of life-threatening blood clots, and VIRUSMAX®, a
proprietary technology for increasing virus yields in the
manufacture of influenza vaccine. Established in 1988, Microbix is
a publicly traded company, listed on the Toronto Stock Exchange,
and headquartered in Mississauga,
Ontario.
Disclaimer
This press release may contain
forward-looking statements which are subject to risks and
uncertainties that could cause actual results to differ materially
from those set forth in the forward-looking statements including
the risks associated with development projects, operations in
foreign jurisdictions, risks associated with engineering and
construction generally, risks associated with production including
control over costs, quality, quantity and timeliness of delivery of
products, foreign currency and exchange rate risk, and risks of
raising capital on acceptable terms or at all. These
forward-looking statements represent the Company's judgment as of
the date of this press release. The Company disclaims any intent or
obligation to update these forward-looking statements.
%SEDAR: 00004220E
SOURCE Microbix Biosystems Inc.
