In Canada, Algae Biosciences has arranged a non-brokered private placement for gross proceeds of up to CAD$1,000,000 to purchase 6,666,667 shares at a price of $.15 per share. Finder’s fees of 10 per cent cash and 10 per cent finder’s warrants may be paid on a portion of the financing. The financing is subject to TSX-V approval.
The proceeds from this financing will be used to advance the production capabilities of the plant and provide funds for general corporate purposes. Algae Biosciences has cancelled their short-form offering, citing general market conditions were such that the company would not be able to reach their $3 million minimum.