Upstream Biosciences Inc. (UPBS.OB) reported earlier this year that the Company had successfully closed the second and final tranche of its previously announced unit financing.
As per the terms of the deal, Upstream successfully completed all the required corporate milestones and has now received the remaining $1,000,000 for total proceeds of $2,000,000. On the closing date of the second tranche financing, the Company issued an additional 666,667 shares and 1,333,334 Series A and Series B warrants.
The units were issued at $1.50 per unit, with each unit consisting of one common share, 1 Series A share purchase warrant and 1 Series B share purchase warrant. Each Series A share purchase warrant is exercisable at $1.75 per share and each Series B share purchase warrant is exercisable at $1.85 per share.
Upon the successful exercise of both Series A and Series B share purchase warrants from the second tranche of the financing, the Company will receive an additional $2,400,001.
Furthermore, if all warrants from both the first and second tranches of the financing announced on March 5, 2007 are successfully exercised, the total gross proceeds to the Company will be $6,800,000.
The Company intends to utilize the proceeds from this financing to further validate its genetic markers and drug response assay, as well as complete the previously announced acquisition of Pacific Pharma Technologies Inc.
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