Canadian Underwriters Exercise Over-Allotment Option as Part of Bioniche Share Offer
Not for distribution to U.S. news wire services or dissemination in the U.S.
total of 11.5 million new Common Shares to be issued at C$1.45
BELLEVILLE, ON, Dec. 14 - Bioniche Life Sciences Inc. (TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today announced that the syndicate underwriting the Canadian portion of two concurrent financings announced on November 22, 2010 has exercised its over-allotment option, increasing the total number of new Common Shares issued under the Canadian Offer from 10 million to 11.5 million, for gross proceeds of $16,675,000.
The two concurrent financings, offering up to 20 million New Common Shares, excluding the additional 1.5 million share over-allotment, are being conducted:
- by short-form prospectus in all provinces of Canada; and
- by public offering in Australia and New Zealand.
The Canadian Offer is underwritten by a Canadian syndicate led by NCP Northland Capital Partners Inc. and including Dundee Securities Corporation and National Bank Financial Inc.
Closing of the Canadian Offer is expected to occur later this week, after which the Australian/New Zealand Offer is expected to close.
Completion of the Offers is subject to customary conditions and all regulatory approvals, including the Toronto Stock Exchange and the Australian Securities Exchange.
About Bioniche Life Sciences Inc.
Bioniche Life Sciences Inc. is a research-based, technology-driven Canadian biopharmaceutical company focused on the discovery, development, manufacturing, and marketing of proprietary products for human and animal health markets worldwide. The fully-integrated company employs 214 skilled personnel and has three operating divisions: Human Health, Animal Health, and Food Safety. The Company’s primary goal is to develop proprietary cancer therapies supported by revenues from marketed products in human and animal health. Bioniche has been named one of the Top 50 Best Small and Medium-Sized Employers in Canada for 2010. For more information, please visit www.Bioniche.com.
Except for historical information, this news release may contain forward-looking statements that reflect the Company's current expectation regarding future events and constitute forward-looking information (as defined in the Securities Act (Ontario). Such statements include, without limitation, statements regarding the size of the Offers and the anticipated timing for the closing of the Offers, and can generally can be identified by the use of words such as "may", "will", "should", "plans", "anticipates", "believes", "estimates", "predicts", "intends", "potential", or the negative of such terms, or other comparable terminology indicating statements that are not historical facts. Forward-looking statements express, as at the date of this Prospectus, the Company's assumptions, estimates, forecasts projections, expectations and beliefs as to future events or results. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, underwriting agreement closing conditions not being met or regulatory approvals not obtained, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and the commercialization of the Company's therapeutic products thereafter, changes to the commercialization, partnering and marketing plans for current and development stage product, the ability to obtain additional financing, and other risks detailed from time to time in the Company's ongoing quarterly and annual reporting which can be found at www.sedar.com. The Company does not undertake any obligation to publicly update or revise any forward-looking statement after the date of this press release or to conform such statements to actual results or to changes in the Company's expectations, except as otherwise required by applicable law.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this news release.
THIS NEWS RELEASE IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES. SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION. THE COMMON SHARES ASSOCIATED WITH THESE OFFERS HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT OR ANY STATE SECURITIES LAWS.
Except for historical information, this news release may contain forward-looking statements that reflect the Company’s current expectation regarding future events. These forward-looking statements involve risk and uncertainties, which may cause, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process, and other risks detailed from time to time in the Company’s ongoing quarterly and annual reporting.
For further information, please contact:
Jennifer Shea, Vice-President, Communications, Investor & Government Relations
Bioniche Life Sciences Inc.
Telephone: (613) 966-8058
Cell: (613) 391-2097