Press release from Marketwire
ProMetic Files Preliminary Prospectus for an Equity Offering
Monday, October 21, 2013
ProMetic Files Preliminary Prospectus for an Equity Offering16:13 EDT Monday, October 21, 2013
LAVAL, QUEBEC--(Marketwired - Oct. 21, 2013) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
ProMetic Life Sciences Inc. (TSX:PLI)(OTCQX:PFSCF), ("ProMetic" or the "Corporation") announced today that it has filed a preliminary short form prospectus (the "Prospectus") in all Canadian provinces in connection with a proposed "best efforts" equity offering (the "Offering") to raise gross proceeds of up to $20.0 million. The Offering will be conducted through a syndicate of agents led by Paradigm Capital Inc. and including Beacon Securities Limited, D&D Securities Inc. and Cormark Securities Inc. (collectively the "Agents").
The Offering will consist of the sale of common shares (the "Common Shares") in the capital of the Corporation at a price per share to be determined in the context of the market. The Agents will also have the option to offer for sale up to an additional 15% of the number of Common Shares issued under the Offering at the issue price during the 30 day period immediately following the Closing Date (the "Over-Allotment Option").
In consideration for the services to be rendered by the Agents under the Offering, the Agents will receive a cash commission of 6% of the gross proceeds of the Offering.
The net proceeds to the Corporation from the Offering will be used for the advancement of the plasma-derived orphan drug and small molecule therapeutics clinical programs. The net proceeds will also allow the Corporation to exercise greater control and ownership over its technology platforms rather than solely enabling third parties, therefore providing an opportunity to retain a greater portion of the associated value for its shareholders.
Closing of the Offering is subject to certain conditions including, but not limited to, the execution of a definitive agency agreement with the Agents, receipt of all necessary regulatory and stock exchange approvals including the receipt of listing approval by the Toronto Stock Exchange ("TSX") for the Common Shares.
The Offering is expected to close on or about November 7, 2013 (the "Closing Date"). For more information, potential investors should read the Prospectus, including the "Risk Factors." A copy of the Prospectus will be available on the SEDAR website at www.sedar.com.
The securities offered have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. State securities laws and may not be offered or sold, directly or indirectly, within the United States or its territories or possessions or to or for the account of any U.S. person (as defined in Regulation S under the U.S. Securities Act) other than pursuant to an available exemption from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy any such securities within the United States, or its territories or possessions, or to or for the account of any U.S. person.
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 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. ProMetic is also active in developing its own novel small-molecule therapeutic products targeting unmet medical needs in the field of fibrosis, cancer and autoimmune diseases/inflammation. Headquartered in Laval (Canada), ProMetic has R&D facilities in the UK, the U.S. and Canada, manufacturing facilities in the UK and business development activities in the U.S., Europe and Asia.
Forward Looking Statements
This press release contains forward-looking statements about ProMetic's objectives, strategies and businesses and the Offering that involve risks and uncertainties. These statements are "forward-looking" because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. Such risks and assumptions include, but are not limited to, ProMetic's ability to develop, manufacture, and successfully commercialize value-added pharmaceutical products, the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the ability of ProMetic to take advantage of business opportunities in the pharmaceutical industry, uncertainties related to the regulatory process and general changes in economic conditions. You will find a more detailed assessment of the risks that could cause actual events or results to materially differ from our current expectations on page 26 of ProMetic's Annual Information Form for the year ended December 31, 2012, under the heading "Risk and Uncertainties related to ProMetic's business" and in the Prospectus under the heading "Risk Factors". As a result, we cannot guarantee that any forward-looking statement will materialize. We assume no obligation to update any forward-looking statement even if new information becomes available, as a result of future events or for any other reason, unless required by applicable securities laws and regulations. All amounts are in Canadian dollars unless indicated otherwise.
FOR FURTHER INFORMATION PLEASE CONTACT:
President and CEO
ProMetic Life Sciences Inc.
Director, Communications and
ProMetic Life Sciences Inc.