On February 15, 2007, Isotechnika Inc., an international biopharmaceutical company, announced that it had closed its previously announced bought deal financing. The syndicate of underwriters led by GMP Securities, L.P. and including Canaccord Capital Corporation, RBC Dominion Securities Inc. and National Bank Financial Inc. purchased a total of 21,850,000 Units at a price of $1.85 per Common Share for total gross proceeds of $40,422,500, representing the base offering size of 19,000,000 Units and the full exercise by the Underwriters of the over-allotment option to purchase an additional 2,850,000 Units. Isotechnika intends to use the net proceeds of the offering for clinical trial expenses, working capital and general corporate purposes.
Each unit consists of one common share in the capital of Isotechnika and one half of one common share purchase warrant.
The syndicate of underwriters was advised in this transaction by a team from Fasken Martineau comprised of Rubin Rapuch, Krisztian Toth, Karoline Kralka and Brad Freelan.