Neptune Technologies & Bioressources Closes Oversubscribed Private Placement Financing
03 May 2011 - 10:00PM
Neptune Technologies & Bioressources Inc. ("Neptune")
(Nasdaq:NEPT) (TSX-V:NTB) announced today that it has closed the
first portion of its private placement financing, from U.S. and
Canadian accredited investors, as announced on April 19th, 2011 and
representing gross proceeds of approximately CAN$ 10,900,000. The
second and final portion of Neptune financing, representing gross
proceeds of approximately CAN$ 1,500,000, is expected to be
subscribed for under the Quebec Stock Saving Plan II (QSSP II), and
to be finalized within the next couple of weeks.
A portion of the proceeds came from U.S. institutional investors
for 2,722,222 common shares at $2.25 USD per share and warrants to
purchase 680,556 additional common shares. The warrants to purchase
additional shares will be exercisable at a price of $2.75 USD per
share for 18 months commencing one day following their issue date.
The other portion of the proceeds came from Canadian institutional
investors for 2,365,160 common shares at $2.15 CAD per share and
warrants to purchase 765,709 additional shares. The warrants to
purchase additional shares will be exercisable at a price of $2.65
CAD per share for 18 months commencing one day following their
issue date. The Company has agreed to use its reasonable best
efforts to file and have declared effective by the end of June 2011
a registration statement with the Securities and Exchange
Commission to permit the resale of the shares and warrants. Roth
Capital Partners acted as the sole placement agent in the U.S.
''The net proceeds of the private placement will allow Neptune
to support its sustained growth by staying aggressive in the
commercialization of its products worldwide, while proceeding with
its production capacity expansion. It will also allow Neptune to
support its own R&D program, seeking new efficient marine
phospholipids, to increase its working capital, as well as to
accelerate the promising R&D programs of its subsidiaries,''
said Frederic Harland, Director, Finance.
"We are extremely pleased with the success of the offering led
in the U.S. by Roth Capital Partners and appreciate the confidence
that investors have shown in Neptune's business plan and
management. Neptune and its subsidiaries, NeuroBioPharm and Acasti
Pharma, will benefit from the proceeds of the financing, hence they
will all contribute to increase value for Neptune shareholders,''
stated Andre Godin, Neptune's Chief Financial Officer.
About Neptune Technologies & Bioressources
Inc.
Neptune is an industry-recognized leader in the innovation,
production and formulation of science-based and clinically proven
novel phospholipid products for the nutraceutical and
pharmaceutical markets. The Company focuses on growing consumer
health markets including cardiovascular, inflammatory and
neurological diseases driven by consumers taking a more proactive
approach to managing health and preventing disease. The Company
sponsors clinical trials aimed to demonstrate its product health
benefits and to obtain regulatory approval for label health claims.
Neptune is continuously expanding its intellectual property
portfolio as well as clinical studies and regulatory approvals.
Neptune's products are marketed and distributed in over 20
countries worldwide.
About Acasti Pharma Inc.
Acasti Pharma (TSX-V:APO) is developing a product portfolio of
proprietary novel long-chain omega-3 phospholipids. Phospholipids
are the major component of cell membranes and are essential for all
vital cell processes. They are one of the principal constituents of
High Density Lipoprotein (good cholesterol) and, as such, play an
important role in modulating cholesterol efflux. Acasti Pharma's
proprietary novel phospholipids carry and functionalize the
polyunsaturated omega-3 fatty acids EPA and DHA, which have been
shown to have substantial health benefits and which are stabilized
by potent antioxidants. Acasti Pharma is focusing initially on
treatments for chronic cardiovascular conditions within the
over-the-counter, medical food and prescription drug markets.
About NeuroBioPharm Inc.
NeuroBioPharm is pursuing pharmaceutical neurological
applications, and a clinical study for a medical food product with
a multinational partner is already initiated. The development of a
prescription drug candidate is currently in progress. Advanced
clinical development and commercialization is planned to be carried
out with multinational partners.
"Neither Nasdaq nor the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
Statements in this press release that are not statements of
historical or current fact constitute "forward-looking
statements" within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 and Canadian securities laws. Such
forward-looking statements involve known and unknown risks,
uncertainties, and other unknown factors that could cause the
actual results of the Company to be materially different from
historical results or from any future results expressed or implied
by such forward-looking statements. In addition to statements which
explicitly describe such risks and uncertainties, readers are
urged to consider statements labeled with the terms "believes,"
"belief," "expects," "intends," "anticipates," "will," or
"plans" to be uncertain and forward-looking. The forward-looking
statements contained herein are also subject generally to other
risks and uncertainties that are described from time to time in the
Company's reports filed with the Securities and Exchange Commission
and the Canadian securities commissions.
CONTACT: Neptune Contact:
Neptune Technologies & Bioressources Inc.
Andre Godin, CFO
+1.450.687.2262
a.godin@neptunebiotech.com
www.neptunebiotech.com
CEOcast Contact:
Dan Schustack
+1 212-732-4300
dschustack@ceocast.com
www.ceocast.com
Howard Group Contact:
Bob Beaty
(888) 221-0915
bob@howardgroupinc.com
www.howardgroupinc.com
New Tymbal Resources (TSXV:NTB)
Historical Stock Chart
From Jun 2024 to Jul 2024
New Tymbal Resources (TSXV:NTB)
Historical Stock Chart
From Jul 2023 to Jul 2024