iCo Therapeutics Completes Final Tranche of $4,000,000 Brokered Private Placement
November 20, 2009
For Immediate Release November 20, 2009
VANCOUVER, Canada— iCo Therapeutics Inc. (TSX-V: ICO) (the “Company”) is pleased to announce that it has completed a previously announced $4,000,000 brokered private placement (the “Offering”) co-led by Loewen, Ondaatje, McCutcheon Limited and Versant Partners Inc. (collectively, the “Agents”). The Offering was completed in two tranches, with 6,000,000 common shares issued on October 29, 2009 and an additional 2,333,333 common shares issued on November 20, 2009. The shares were issued at a price of $0.48 per share, for aggregate gross proceeds of $4,000,000.
As consideration for acting as agents, the Company paid the Agents an aggregate cash commission of 8% and granted the agents an aggregate of 333,334 compensation options (the “Compensation Options”). Each Compensation Option is exercisable for one common share at an exercise price of $0.60 for a period of 12 months from the date of issuance.
The second tranche of the private placement is subject to final TSX Venture Exchange approval for filing. All securities issued pursuant to the second tranche of the private placement will be subject to a four-month hold period expiring on March 21, 2010. The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes.
The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any United States state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
