On February 22, 2007, Calgary-based biotechnology company Oncolytics Biotech Inc. announced that it had closed its previously announced prospectus offering. Oncolytics issued 4,000,000 units to purchasers in Canada and the United States, each unit being comprised of one common share and one-half of one common share purchase warrant, at a price of $3.00 per unit for gross proceeds of $12 million. Each whole common share purchase warrant entitles the holder to acquire one common share of Oncolytics upon payment of $3.50 at any time until 5:00 p.m. (Calgary time) on February 22, 2010. Canaccord Capital Corporation, the underwriter, was granted an overallotment option to purchase up to an additional 600,000 units at any time on or before March 24, 2007, the full exercise of which option would increase the gross proceeds of the offering to $13.8 million. Canaccord was advised in this matter by a team from Fasken Martineau including Iain Mant and Benjamin Lee in Vancouver, and Richard Peters, Hugoline Morton and Casey Smith (student-at-law) in Calgary.