Directed issue of shares in Biotie Therapies Corp. pursuant to Standby Equity Distribution Agreement
(Thomson Reuters ONE) -
BIOTIE THERAPIES CORP. STOCK EXCHANGE RELEASE 26 AUGUST 2010 at 8:30 a.m.
Directed issue of shares in Biotie Therapies Corp. pursuant to Standby Equity
Distribution Agreement
The Board of Directors of Biotie Therapies Corp. ("Biotie" or "Company") has
decided to offer 114,233 treasury shares to YA Global Master SPV Ltd, a fund
managed by Yorkville Advisors, LLC, through a directed share issue against cash
payment of EUR 50,000 pursuant to a Standby Equity Distribution Agreement
("SEDA") as announced on 23 October 2009.
The offer is the initial tranche offered to Yorkville pursuant to the Standby
Equity Distribution Agreement. Further tranches, if exercised, may amount up to
EUR 300,000.
The subscription price of EUR 0.44 per share was determined by the Board of
Directors on the basis of the current price of Biotie's share in the trading on
the NASDAQ OMX Helsinki stock exchange during 18 to 24 August 2010 in the manner
determined in the SEDA. The subscription price corresponds to 95% of the share
price of the closing price of the Company's shares determined in the trading on
24 August 2010.
"Yorkville has significant experience in investing in the biotech industry and
is already a shareholder in the Company. The arrangement with Yorkvilleprovides
us with an innovative and flexible financing tool and we are pleased with the
successful completion of this initial tranche.", said Timo Veromaa, President
and CEO of Biotie Therapies
The offer is made in order to strengthen Biotie's working capital and to provide
further financing for the Company's R&D programs.
The shares are offered based on the authorisation by the General Meeting of
Shareholders of Biotie held on 15 April 2010. The subscription price of the new
shares will be registered in its entirety to the share capital of Biotie. The
Company holds 349,022 treasury shares after the transfer.
Evli Bank Plc acts as a lead arranger to Biotie regarding the execution of the
SEDA.
In Turku, 26 August 2010
Biotie Therapies Corp.
The Board of Directors
For further information, please contact:
Virve Nurmi,Investor relations manager.
tel. +358 2 274 8900
e-mail:virve.nurmi(at)biotie.com
www.biotie.com
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Source: Biotie Therapies Oyj via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 26.08.2010 - 07:31 Uhr
Sprache: Deutsch
News-ID 40106
Anzahl Zeichen: 0
contact information:
Town:
Turku
Kategorie:
Business News
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