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Stellar Biotechnologies Inc Raises USD10 Million In Initial Closing Of Private Placement

Tuesday, 10 Sep 2013 02:59pm EDT 

Stellar Biotechnologies Inc announced that further to its news release of August 22, 2013, it has completed the initial closing of its private placement, which included brokered and non-brokered portions, raising initial gross proceeds of USD10M (the Initial Closing). The proceeds of the Initial Closing will be used for product research, aquaculture and KLH production development, capital expenditures and working capital. The non-brokered portion includes a USD5,000,000 investment by Amaran Biotechnology, Inc., a privately-held Taiwan biotech company and biopharmaceuticals contract manufacturer. The Initial Closing included a brokered portion sold to institutional and accredited investors totaling USD3,000,000 (2,857,143 Units) (the Brokered Offering) and a non-brokered portion totaling USD7,000,000 (6,666,667 Units) (the Non-brokered Offering). In connection with the Initial Closing of the Brokered Offering, the placement agent received a commission of USD206,325 and 200,000 Warrants. 

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0.09 +6.29%
3:59pm EDT