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Biologics company raises financing for working capital.
2004 APR 21 - (NewsRx.com & NewsRx.net) -- Microbix Biosystems, Inc., (MBX) announced that it has entered into an agreement to raise $500,000 in the form of an 8% convertible debenture, in a non-arms-length transaction with an existing shareholder.
The principal amount of the debenture is convertible into common shares at $0.90 per share for a period of 8 years. Proceeds will be used to fund working capital.
"The increased rate of investment in our large market product portfolio over the last 12 months has put pressure on our cash position," said William J. Gastle, president and CEO. "While the bulk of this ...
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Source: HighBeam Research, Biologics company raises financing for working capital.