TORONTO, Jan. 3, 2013 /CNW/ - Biosign Technologies Inc. (TSXV: BIO) (the "Company") is pleased to announce that on December 31st, 2012 it closed a private placement for 3,936,100 units of the Company (the "Units") at a purchase price of $0.05 per Unit, in addition to the previously announced placement (see news December 21, 2012) which forms part of its recently announced private placement financing (see news November 29, 2012) as approved by the Company's Board of Directors. No director has an interest in the private placement. Each Unit is comprised of one common share and one common share purchase warrant. Each common share purchase warrant is exercisable for a 2-year period at $0.05 per share during the first twelve months and $0.10 per share in the second twelve months. The securities issued in connection with the Offering are subject to a four-month hold period from the issuance date in accordance with the policies of the TSXV and applicable securities laws.
The Company is obliged to pay finders' fees to certain independent brokers on certain subscriptions under this placement in the amount of 749,288 units on the same terms as the units noted above. Such units shall be issued as the Company receives certain phased subscription proceeds (see news December 21, 2012).
The proceeds from the Offering will be used exclusively for general working capital purposes, including sales, marketing, operations and administration. For greater clarity, none of the proceeds from the Offering shall be used to fund acquisitions, repayment of debt or non-core operating expenses.
Forward-Looking Statements
This release contains forward-looking statements. Forward-looking statements, without limitation, may contain the words believes, expects, anticipates, estimates, intends, plans, or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions and Biosign's actual results could differ materially from those anticipated. Forward looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. In the context of any forward-looking information please refer to risk factors detailed in, as well as other information contained in, Biosign's filings with Canadian securities regulators (www.sedar.com).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Biosign Technologies Inc.
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Biosign Contact Information
Robert Kaul
Chief Executive Officer
Biosign Technologies
Phone: (416) 218-9800 ext. 201
Email: [email protected]
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