VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 19, 2011) - Med BioGene Inc. (TSX VENTURE:MBI) today announced the closing of its previously announced non-brokered private placement through the issuance of 4.2 million units for gross proceeds of $210,000.
Each unit was issued at a price of $0.05 and consists of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one common share at a price of $0.10 for a period of 24 months, subject to the acceleration by MBI of the expiration of the warrants if the closing price of the common shares on the TSX Venture Exchange is greater than $0.25 for twenty or more consecutive trading days.
The private placement is subject to customary conditions, including final acceptance by the TSX Venture Exchange. MBI will use the proceeds of the private placement for general corporate purposes. In respect of subscriptions totaling $100,000, MBI paid an 8% selling commission and issued compensation options to acquire that number of MBI common shares equal to 8% of the units sold.
About Med BioGene
MBI is a life science company focused on the development and commercialization of genomic-based personalized clinical laboratory diagnostic tests. MBI is committed to advancing personalized medicine by commercializing tests that provide clinically relevant information to improve patient treatment and reduce health care costs. MBI and Precision Therapeutics have partnered to commercialize MBI's flagship test, LungExpress Dx. For more information on MBI, please visit www.medbiogene.com. For more information on Precision Therapeutics, please visit www.precisiontherapeutics.com.
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