Microbix Biosystems (TSX:MBX) has closed the final tranche of a recently announced private placement.
The final tranche resulted in the issuance of an additional 560,000 units at a price of 40 cents a unit for proceeds of $224,000. Each unit consisted of one common share and one warrant. Each warrant can be exercised to purchase an additional common share at a price of 55 cents for five years.
Microbix issued a total of 1.5 million units in the entire private placement for gross proceeds of $600,000. Proceeds will be used to for working capital requirements.
“I am generally pleased with the outcome given the very challenging investment climate in recent weeks,” CEO, Vaughn Embro-Pantalony, said in a statement. “The proceeds from this financing will be used to supplement our working capital requirements in the coming months,” he added.