VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2012) - Sirona Biochem Corp. (TSX VENTURE:SBM)(PINKSHEETS:SRBCF)(FRANKFURT:ZSB)
(the "Company") is pleased to announce that on March 23, 2012 it completed the sale of 14,065,000 units (each a "Unit") at a price of $0.10 per Unit for total proceeds of $1,406,500 (the "Private Placement"). Each Unit consists of one common share of the Company (a "Share") and one transferable share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional common share (a "Warrant Share") of the Company at any time for two years from the closing date of the Private Placement at a price of $0.18 per Warrant Share.
In connection with closing the Private Placement, the Company has agreed to pay finders' fees in the aggregate amount of $76,000 in cash to various finders (the "Finders") for their efforts in sourcing purchasers for the Private Placement. The Finders will also receive 760,000 non-transferable finders' warrants (each a "Finder's Warrant") representing 8% of the Units placed by each Finder. Each Finder's Warrant entitles the holder to purchase one common share (a "Finder's Warrant Share") at an exercise price of $0.18 per Finder's Warrant Share until March 23, 2014.
All securities are subject to a four-month and one day hold period expiring on July 24, 2012.
The Company intends to use the proceeds from the Private Placement for general working capital.
About Sirona Biochem Corp.
Sirona Biochem Corp. is a biotechnology company developing diabetes therapeutics, cancer vaccine antigens, skin depigmenting and anti-aging agents for cosmetic use, and biological ingredients. The company utilizes a proprietary chemistry technique to improve pharmaceutical properties of carbohydrate-based molecules. For more information visit www.sironabiochem.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.