Radiopharmaceutical firm Draxis Health of Mississauga, ON, has successfully closed its offering of more than 3 million share units.
Each unit, which represents one common share of the firm and one-half share of a purchase warrant, was priced at Canadian $6.55 ($4.82, U.S.). The purchase warrant entitles the holder to acquire one common share of the company per one warrant share at a price of $8.50 ($6.27) at any time prior to April 24, 2006, Draxis said.
The proceeds of the offering will be used to finance the $13 million ($9.58 million) cash purchase of the 32.7% interest in the firm's manufacturing subsidiary, DRAXIS Pharma, that was not previously owned by the company and to repay approximately $6.4 million ($4.7 million) in outstanding loans owed by the subsidiary.
By AuntMinnie.com staff writersApril 22, 2004
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