Monday, April 03, 2017 7:49:05 AM
VANCOUVER, March 3, 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, announced today that it has entered into a revised agreement with Canaccord Genuity Corp., to increase the size of the Company's previously announced bought deal of Units from C$3.0 million to C$4.5 million (the "Offering").
In addition, the Company has granted the Underwriter an option (the "Over-Allotment Option"), to purchase up to 2,250,000 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 approximately $5.2 million.
Each Unit will be comprised of one common share of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Each Warrant will be exercisable to acquire one Common Share (a "Warrant Share") for a period of two years following the closing date of the Offering at an exercise price of $0.45 per Warrant Share, subject to adjustment in certain events. The Warrants will be subject to a forced exercise provision if the Company's daily volume weighted average share price on the TSX Venture Exchange (or such other stock exchange the Company may be trading on) is greater than $0.80 for 15 consecutive trading days.
Net proceeds of the Offering will be used for the development of the Company's drug pipeline and other general corporate purposes. Closing of the Offering is expected to occur on or about March 13, 2017.
The Units will be offered by way of a prospectus supplement and an accompanying short form base shelf prospectus of the Company, 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.
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