pcJ News Briefs – Prometic Life Sciences Inc. (TSX: PLI; OTCQX: PFSCF) has completed previously announced bought deal equity offering, issuing 31,250,000 common shares at $1.70 per share for gross proceeds of $53,125,000. The offering included substantial participation from U.S. institutional investors.
The offering was conducted through a syndicate of underwriters led by Cantor Fitzgerald Canada Corporation as the lead underwriter and sole bookrunner, and including RBC Dominion Securities Inc., National Bank Financial Inc., Scotia Capital Inc., Desjardins Securities Inc. and Echelon Wealth Partners Inc.
Prometic has completed a concurrent, non-brokered private placement of 5,045,369 common shares for $8.6 million with Structured Alpha LP (SALP), an investment vehicle of Peter J. Thomson, following the exercise by SALP of its pre-emptive right to participate in any future public offering of Prometic’s common shares.
News Release
PROMETIC ANNOUNCES CLOSING OF EQUITY OFFERINGS FOR AGGREGATE GROSS PROCEEDS OF $61.7 MILLION
• Substantial participation from U.S. institutional investors
• Structured Alpha LP (“SALP”), an investment vehicle of Peter J. Thomson, continues its support through an $8.6 million private placement investment in common shares
LAVAL, QUEBEC, CANADA – July 6, 2017 – Prometic Life Sciences Inc. (TSX: PLI) (OTCQX: PFSCF) (“Prometic” or the “Corporation”) announced today that it has closed the previously announced $53.1 million bought deal equity offering of common shares in the capital of the Corporation (the “Offering”) through a syndicate of underwriters led by Cantor Fitzgerald Canada Corporation as the lead underwriter and sole bookrunner, and including RBC Dominion Securities Inc., National Bank Financial Inc., Scotia Capital Inc., Desjardins Securities Inc. and Echelon Wealth Partners Inc. (collectively, the “Underwriters”). Pursuant to the Offering, Prometic issued 31,250,000 common shares of the Corporation at a price of $1.70 per share for gross proceeds of $53,125,000.
In addition, Prometic completed a concurrent, non-brokered private placement of 5,045,369 common shares of the Corporation at a price of $1.70 per common share (the “Private Placement”) with SALP, an investment vehicle of Peter J. Thomson, following the exercise by SALP of its pre-emptive right to participate in any future public offering of Prometic’s common shares. The $8.6 million in proceeds from the Private Placement were used to offset and reduce the total amount owed by Prometic to SALP pursuant to their loan agreement dated April 27, 2017.
Commenting on the closing of these financings, Mr. Pierre Laurin, Prometic’s President and Chief Executive Officer said: “Expanding our institutional investor base in the U.S. is an important objective of ours. This financing has provided us the opportunity to have renowned life sciences specialist funds invest in the Prometic story as we prepare for the commercial launch of plasminogen. We are also pleased to have again received support from SALP who have continued to demonstrate their commitment as a strategic, long-term investor in Prometic through the Private Placement.”
The securities in the Offering were sold pursuant to a prospectus in Canada and under private resale exemptions from the U.S. Securities Act in the United States, and the securities in the Private Placement were sold on a private placement basis. This press release does not constitute an offer to sell or a solicitation of an offer to buy any such securities in any jurisdiction.
About Prometic Life Sciences Inc.
Prometic Life Sciences Inc. (www.prometic.com) is a long established biopharmaceutical company with globally recognized expertise in bioseparations, plasma-derived therapeutics and small-molecule drug development. Prometic is active in developing its own novel small-molecule therapeutic products targeting unmet medical needs in the field of fibrosis, cancer and autoimmune diseases/inflammation. A number of plasma-derived and small molecule products are under development for orphan drug indications. Prometic also offers its state of the art technologies for large-scale purification of biologics, drug development, proteomics and the elimination of pathogens to a growing base of industry leaders and uses its own affinity technology that provides for highly efficient extraction and purification of therapeutic proteins from human plasma in order to develop best-in-class therapeutics and orphan drugs. Headquartered in Laval (Canada), Prometic has R&D facilities in the UK, the U.S. and Canada, manufacturing facilities in the UK and commercial activities in the U.S., Canada, Europe, Russia, Australia and Asia.