Onco-Innovations plans $400,000 private placement and stock grants

Onco-Innovations Limited (CBOE CA: ONCO) announced plans for a non-brokered private placement to raise up to $400,000 through the sale of 243,903 units priced at $1.64 each.

Each unit consists of one common share and one warrant, with warrants exercisable at $2.05 per share for 36 months. The Vancouver-based cancer research company will also issue shares equal to 1% of the total placement to a third party as an administrative fee.

The company stated it intends to use proceeds for general corporate and working capital purposes, including operational and research and development objectives. The placement requires regulatory approvals and issued securities will be subject to a four-month hold period.

Separately, Onco-Innovations' board approved grants of 119,785 stock options and 960,000 restricted share units under the company's equity incentive plan.

The company holds an exclusive worldwide license to patented technology targeting solid tumors. Onco-Innovations trades on multiple exchanges including OTCQB under ONNVF and Frankfurt under W1H.

Securities offered in the private placement have not been registered under U.S. securities laws and cannot be sold in the United States without registration or applicable exemptions.

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