Osta Biotechnologies Announces Closing of Private Placement
December 17 2007 - 6:00PM
Marketwired
MONTREAL, QUEBEC announces that it has held a closing of a
private placement by issuing 680,322 units at a price of $0.30 per
unit, for gross proceeds to Osta of $204,100. Each unit consists of
one common share and one-half of one common share purchase warrant.
Each whole warrant entitles its holder to acquire one additional
common share for a period of two years from the closing date of the
placement, at a price of $0.50. The proceeds from the private
placement will be applied by Osta toward the furtherance of its
research and development activities, as well as working capital and
general corporate purposes.
Sherbrooke Street Capital Inc. acted as lead agent for the
private placement. At the closing of the private placement, Osta
paid a 7% cash commission to Sherbrooke Street Capital with respect
to units sold by them. Osta also issued an aggregate of 47,623
broker warrants to Sherbrooke Street Capital. Each broker warrant
entitles the holder to purchase one additional common share from
Osta for two years at a price of $0.50 per share.
The common shares, warrants and broker warrants issued by Osta
at the closing of the private placement are subject to a four-month
hold period, expiring on April 18, 2008, in accordance with
applicable securities laws and the policies of the TSX Venture
Exchange. As a result of the closing of the private placement, Osta
has 35,386,518 issued and outstanding common shares.
About Osta Biotechnologies Inc.
Osta is a biopharmaceutical company listed on the TSX Venture
Exchange dedicated to developing novel diagnostics and therapeutics
for the aging population, particularly in the areas of Cancer,
Alzheimer's disease, Osteoporosis, X-linked hypophosphatemic
rickets and Osteoarthritis.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy for this release.
Contacts: Osta Biotechnologies Inc. Mr. Alain Geahchan Director
of Operations 514-567-5505 Osta Biotechnologies Inc. Dr. Ajay Gupta
Chairman & CEO 514-626-0322
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