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Transition Therapeutics Inc Announces Closing Of Private Placement Equity Financing

Thursday, 15 Aug 2013 04:36pm EDT 

Transition Therapeutics Inc announced that it has closed its previously announced private placement through which 2,625,300 units of the Company were purchased by Jack W. Schuler, Larry N. Feinberg, Oracle Investment Management, certain Transition Board members, management and other existing shareholders. Gross proceeds of the private placement totalled $11 million. As previously announced, each unit consists of (i) one common share, (ii) 0.325 Common Share purchase warrant with a purchase price of $4.60 per whole warrant and (iii) 0.4 Common Share purchase warrant with a purchase price of $6.50 per whole warrant. Each whole warrant will entitle the holder, within two years, to purchase one additional common share in the capital of the Company. If and when all of the warrants are exercised, the Company will realize an additional $10.7 million in proceeds. 

Company Quote

23 Dec 2014