VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 6, 2011) -
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Med BioGene Inc. (TSX VENTURE:MBI) today announced a non-brokered private placement of a maximum of $300,000 of units.
Each unit will be issued at a price of $0.05 and will consist of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to purchase one common share at a price of $0.10 for a period of 24 months, subject to the acceleration by MBI of the expiration of the warrants if the closing price of the common shares on the TSX Venture Exchange is greater than $0.25 for twenty or more consecutive trading days.
The securities issued pursuant to the private placement will be subject to a four-month hold period from the date of closing.
MBI may pay an 8% selling commission and compensation options to acquire that number of MBI common shares equal to 8% of the units sold pursuant to the private placement.
MBI will use the proceeds of the private placement for general corporate purposes. The closing of the private placement is subject to receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
About Med BioGene
MBI is a life science company focused on the development and commercialization of genomic-based personalized clinical laboratory diagnostic tests. MBI is committed to advancing personalized medicine by commercializing tests that provide clinically relevant information to improve patient treatment and reduce health care costs. MBI and Precision Therapeutics have partnered to commercialize MBI's flagship test, LungExpress Dx. For more information on MBI, please visit www.medbiogene.com. For more information on Precision Therapeutics, please visit www.precisiontherapeutics.com.
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