Onco-Innovations closes $2 million private placement

Onco-Innovations Limited (CBOE CA: ONCO) completed a non-brokered private placement on October 27, raising $2 million in gross proceeds through the issuance of 1,428,570 units priced at $1.40 each.

Each unit consists of one common share and half of a common share purchase warrant. The warrants allow holders to purchase additional shares at $2.00 each within 36 months of issuance.

The company stated the proceeds will fund general corporate and working capital purposes, including operational activities, research and development, and investor relations objectives.

In connection with the placement, Onco-Innovations paid $119,999.94 in cash and issued 85,714 warrants to finders who introduced subscribers. The company also issued 14,286 administrative shares to a third party for services related to the placement.

All securities issued are subject to a statutory hold period of four months and one day under applicable securities laws.

Onco-Innovations describes itself as a Canadian company focused on cancer research and treatment. The company holds an exclusive worldwide license to patented technology targeting solid tumors.

The information is based on a company press release statement.

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