Microbix Biosystems Inc.
TSX : MBX

Microbix Biosystems Inc.

October 19, 2015 08:30 ET

Microbix Completes Final Closing of Private Placement

TORONTO, ONTARIO--(Marketwired - Oct. 19, 2015) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES

Microbix Biosystems Inc. (TSX:MBX), an innovator of biological products and technologies, today confirmed that it has closed the final tranche of the recently announced private placement offering.

The final tranche resulted in the issuance of an additional 560,000 units at a price of $0.40 per unit for additional gross proceeds of $224,000. Each unit consisted of one common share of Microbix and one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at an exercise price of $0.55 for five years. The entire private placement offering resulted in the issuance of an aggregate of 1,500,000 units and Microbix received total gross proceeds of $600,000. The financing was non-brokered. An aggregate of 81,550 Finder's Warrants were issued in the private placement offering. Each Finder's Warrant entitles the holder to purchase one unit at a price of $0.46 for a period of five years. The securities issued in the private placement are subject to a hold period of four months and one day from the date of issue. The private placement remains subject to the final approval of the Toronto Stock Exchange.

Vaughn Embro-Pantalony, CEO of Microbix commented, "Although we did not meet our funding target for this private placement offering, I am generally pleased with the outcome given the very challenging investment climate in recent weeks. The proceeds from this financing will be used to supplement our working capital requirements in the coming months."

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. Person absent an exemption from the registration requirements.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

About Microbix

Microbix specializes in the research and development of biological solutions, including products for human health applications, namely in the vaccine, therapeutic and diagnostic markets, as well as animal reproductive markets worldwide. The Company manufactures and distributes a wide range of infectious disease antigens to a worldwide customer base. The Company's pipeline of innovative technologies and products includes LumiSort semen sexing technology for the livestock industries, Kinlytic, a thrombolytic drug with several approved and potential applications including the treatment of life-threatening blood clots, and VIRUSMAX, a proprietary technology for increasing virus yields in the manufacture of influenza vaccine. Established in 1988, Microbix is a publicly traded company, listed on the Toronto Stock Exchange, and headquartered in Mississauga, Ontario.

Forward-Looking Information

This news release includes "forward-looking information", as such term is defined in applicable securities laws. Forward-looking information includes, without limitation, the risks associated with development projects, operations in foreign jurisdictions, risks associated with engineering and construction generally, risks associated with production including control over costs, quality, quantity and timeliness of delivery of products, foreign currency and exchange rate risk, and risks of raising capital on acceptable terms or at all, and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and represent the Company's judgement as of the date of this new release, and the Company is under no obligation to update or alter any forward-looking information.

Please visit www.sedar.com for recent Microbix filings.

For further information, please visit www.microbix.com.

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