VANCOUVER, May 21 /PRNewswire-FirstCall/ - Response Biomedical Corporation (TSX: RBM, OTCBB: RPBIF) (the "Company") announced today that it has closed its previously announced public offering (the "Offering") of units ("Units") for gross proceeds of $12.65 million.
The Company issued 73,333,333 Units at a price of C$0.15 per Unit (the "Offering Price"). The Company concurrently issued an additional 11,000,000 Units pursuant to the exercise-in-full of an over-allotment option granted to the underwriter.
Each Unit consists of one common share and one-half of one common share purchase warrant (each a "Warrant"), with each whole Warrant entitling the holder thereof to purchase one additional common share at a price of C$0.25 for a period of 24 months from the closing date of the Offering. The Company also granted 2,530,000 common share purchase warrants to the underwriter (the "Broker's Warrants"), with each Broker's Warrant entitling the holder thereof to purchase one common share at a price of $0.25 for a period of 24 months from the closing date of the Offering.
As a result of the successful completion of the Offering, the Company believes that it has satisfied the conditions set forth by the Toronto Stock Exchange ("TSX") in connection with its de-listing review of the Company. The Company expects that the TSX will confirm that the de-listing review will be terminated.
Net proceeds of the Offering will be used primarily for general operating expenses and a small percentage for capital acquisitions related to manufacturing capacity expansion to meet product demand created by the Company's corporate partnerships with Roche Diagnostics, 3M Health Care and Shionogi & Co., Ltd.
About Response Biomedical
Response Biomedical develops, manufactures and markets rapid on-site diagnostic tests for use with its RAMP(R) Platform for clinical and environmental applications. RAMP(R) represents a new parad
|SOURCE Response Biomedical Corp.|
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