VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 23, 2012) - biOasis Technologies Inc. (TSX VENTURE:BTI) (the "Company") is pleased to announce it has closed its non-brokered private placement announced on April 11, 2012. The Company has issued 2,160,000 units, including the maximum over allotment of 360,000 units (20%), at a price of $1.15 per unit, for gross proceeds of $2,484,000. Each unit consists of one common share and one full common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the Company at a price of $1.30 per share for a period of twelve months up to and including April 20, 2013. A cash finder's fees of $143,290 was paid on a portion of the financing. All securities issued are subject to a hold period expiring August 21, 2012. The net proceeds from the sale of units have been added to working capital in furtherance of the Company's business.
"The Company was extremely pleased with both the speed in which the financing took place along with the tremendous response allowing us to not only fill the entire offering, but the over allotment as well," said Rob Hutchison, CEO.
biOasis Technologies Inc. is a biopharmaceutical company engaged in the development and commercialization of products for the diagnosis and treatment of neurological diseases and disorders. Its products and technologies are intended for use within the healthcare and life science research markets. The Company is currently developing Transcend, a proprietary protein vector intended to transport drugs across the Blood-Brain Barrier for treatment of a wide range of neurological, oncological and infectious disease applications.
On Behalf of the Board of Directors
Rob Hutchison, Chairman & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.