TORONTO, ONTARIO--(Marketwired - Oct. 21, 2013) - Arch Biopartners Inc ("Arch" or the "Company")(CNSX:ACH)(OTCBB:FOIFF) is pleased to announce it has engaged M Partners Inc. (the "Agent") to act as lead agent in respect of a best efforts private placement offering of up to 1,785,715 common share units of the Company (the "Units") for gross proceeds of up to $500,000 (the "Offering"). Each Unit will consist of one common share of the Company and one common share purchase warrant (the "Warrant"). Each Warrant will entitle the holder thereof to acquire one common share of the Company at an exercise price of $0.50 per common share for a period of 24 months from the closing date of the Offering. All securities issued in connection with the Offering will be subject to a hold period of four months and one day from the closing date.
The net proceeds will be used for product development, patent costs and for general working capital purposes.
The closing of the Offering is expected to occur on or about the week of November 4th, 2013 or such other date as agreed by the Agent and the Company. Closing of the Offering is subject to certain conditions, including completion of formal documentation and receipt of regulatory approval.
About Arch Biopartners
Arch Biopartners is a portfolio based biotechnology company established to develop new products and technology for sale to pharmaceutical and industrial companies. The Company's lead technology is in the area of targeting brain tumor initiating cells for the purpose of developing new imaging, diagnostic and therapeutic treatments for malignant glioma. The Company's website address is: www.archbiopartners.com.
For more information on the Company, please consult the other public documents filed on SEDAR at www.sedar.com.
The CNSX has not reviewed and does not accept responsibility for the adequacy of this release.