Microbix Biosystems (TSX:MBX) completed a private placement totaling $2.33-million, resulting in the issue of 7,784,500 units at a price of 30 cents a unit.
Each unit consists of one common share of Microbix and one-half of a warrant, with each warrant entitling the holder to purchase one additional common share at a price of 36 cents for three years.
Dominick Capital acted as lead agent for the private placement.
Proceeds will be used to fund upgrades to production facilities, such as additional bioreactor equipment, support the commercialization of quality assurance or proficiency control products and for working capital.
"We see strong growth in demand for Microbix' antigen and control products,” Cameron Groome, president and CEO, said in a statement. “This private placement financing will help ensure that we meet the needs of our customers and create greater value for shareholders."