Microbix completes $1.3 million private placement

Microbix Biosystems (TSX:MBX) has closed a $1.3 million private placement by issuing 3,714,286 common shares at a price of 35 cents each.  The stock closed at 35 cents last Friday.

“We felt it was prudent to strengthen our balance sheet while finalizing our partnering arrangements,” CEO William Gastle said in a statement, adding that proceeds will be used for general corporate purposes.

The non-brokered financing included the issuance of 211,000 finders’ warrants, which entitle the holder to purchase one common share at a price of 37 cents for a period of 18 months.  A director of Microbix participated in the private placement.