Monday, April 03, 2017 7:47:44 AM
VANCOUVER, March 2, 2017 /CNW/ - Aequus Pharmaceuticals Inc. (TSX-V: AQS, OTCQB: AQSZF) ("Aequus" or the "Company"), a specialty pharmaceutical company with a focus on developing, advancing and promoting differentiated products, is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. (the "Underwriter") pursuant to which they have agreed to purchase, on a bought deal basis, 10,000,000 Units of the Company (the "Units") at a price of $0.30 per Unit (the "Offering Price"), for aggregate gross proceeds of $3 million (the "Offering"). Each Unit shall consist of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant shall entitle the holder thereof to purchase one common share at an exercise price of $0.45 for a period of twenty-four (24) months following the Closing Date. The Warrants will be subject to a 30-day forced exercise provision if the Company's daily volume weighted average share price is greater than $0.80 for 15 consecutive trading days.
In addition, the Company has granted the Underwriter an option (the "Over-Allotment Option"), to purchase up to 1,500,000 additional Units at the Offering Price for a period of 30 days after and including the closing date. In the event that the option is exercised in its entirety, the aggregate gross proceeds of the Offering to the Company will be $3.45 million.
Aequus intends to use the net proceeds of the Offering for the development of the Company's drug pipeline and other general corporate purposes.
The Units will be offered by way of a prospectus supplement and an accompanying short form base shelf prospectus of the Company, in in the provinces of Alberta, British Columbia, Saskatchewan, Manitoba and Ontario, and in the United States by way of private placement to qualified institutional investors and outside of Canada and the United States on a private placement or equivalent basis.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold to persons in the United States absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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