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BELLEVILLE, ON, Sept. 16, 2014 /CNW/ - Bioniche Life Sciences
Inc. ("Bioniche" or the "Company") (TSX: BNC), a late stage
biotechnology company, today announced that it has filed a final
short form prospectus with the securities regulatory authorities in
all Canadian provinces except Quebec in connection with its previously
announced equity offering (the "Offering") of units (the "Units")
through Dundee Securities Ltd., as
lead agent, Clarus Securities Inc. and Euro Pacific Canada Inc.
(collectively, the "Agents") on a best efforts basis. Bloom Burton
& Co. Inc. has been appointed as a selling group member.
The Offering is for a minimum of 21,800,000
Units at a price of $0.23 per Unit
for aggregate gross proceeds to the Company of a minimum of
$5,014,000. Each Unit consists of one
common share (a "Common Share") and one-half of a warrant. Each
whole warrant (a "Warrant") will entitle the holder to purchase one
Common Share at price of $0.30 for a
period of 60 months following the issuance thereof. The Offering is
expected to close on or about September 23,
2014. Closing of the Offering is subject to customary
conditions and regulatory approval, including that of the Toronto
Stock Exchange.
The Company has granted the Agents an option
(the "Over-Allotment Option") to cover over-allotments and for
market stabilization purposes, exercisable in whole or in part,
until the date that is 30 days after the date of closing of the
Offering, to sell up to 3,270,000 additional Units (the
"Over-Allotment Units") at a price of $0.23 per Unit or 1,635,000 Warrants (the
"Over-Allotment Warrants") at a price of $0.12 per Warrant, or a combination of both, so
long as the aggregate number of Over-Allotment Units and
Over-Allotment Warrants does not exceed 15% of the number of Units
issued under the Offering (excluding the Over-Allotment
Option).
The net proceeds of the Offering will be used by
the Company to complete the filing with the United States Food
& Drug Administration of a Biologics License Application for
their lead program Mycobacterium phlei cell wall-nucleic acid
complex for the treatment of patients with high grade non-muscle
invasive bladder cancer that have failed Bacillus Calmette-Guérin
therapy, and for working capital and general corporate
purposes.
The final short form prospectus is available at
www.sedar.com, at www.Bioniche.com, or by contacting the
Company.
The securities offered under the Offering
have not been, and will not be, registered under the U.S.
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any securities laws of any state of the
United States, and may not be offered or sold directly or
indirectly in the United States or
to, or for the account or benefit of, a "U.S. Person" (as defined
in Regulation S under the U.S. Securities Act) absent registration
or any applicable exemption from the registration requirements of
the U.S. Securities Act and applicable securities laws of any state
of the United States. This news
release shall not constitute an offer to sell or the solicitation
of an offer to buy securities in the
United States or to, or for the account or benefit of, a
"U.S. Person," nor shall there be any sale of these securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful.
About Bioniche
Bioniche Life Sciences Inc. is a late clinical
stage Canadian biopharmaceutical company focused on the
licensing/acquisition, development, manufacturing, and marketing of
proprietary and innovative therapies for the global human health
market. The Company's primary goal is to develop and
commercialize products that advance human health and increase
shareholder value.
For more information, please visit
www.Bioniche.com.
Except for historical information, this news
release contains forward-looking statements, including, without
limitation, the intended use of proceeds from the Offering that
reflect the Company's current expectations regarding future events.
These forward-looking statements involve risk and uncertainties,
which may include, but are not limited to, changing market
conditions, the successful and timely completion of clinical
studies, the establishment of corporate alliances, the impact of
competitive products and pricing, new product development,
uncertainties related to the regulatory approval process, and other
risks detailed from time to time in the Company's ongoing quarterly
and annual reporting. Bioniche does not undertake to update any
forward-looking statement or forward-looking information that is
included herein, except in accordance with applicable
laws.
SOURCE Bioniche Life Sciences Inc.