Transactions & Cases Detail
Aptose Biosciences closes C$600 thousand private placement of convertible promissory notes
September 26, 2013
Pharmaceutical / Bio Life Sciences
600 Thousand CAD
On September 26, 2013, Aptose Biosciences announced that it had completed a private placement of convertible promissory notes for aggregate gross proceeds of C$600,000.The proceeds of the private placement will be used to maintain the current research and development activities of the company while the Special Committee composed of independent directors of the company continues to review strategic alternatives available to the company. Pursuant to this strategic review, which was announced by the company on September 12, 2013, the Special Committee is currently analyzing all options in order to secure the long-term financial and operational sustainability of Aptose, with a view to enhancing shareholder value.
The notes bear interest at a rate of 10% per annum, payable quarterly and are due September 26, 2015, subject to the right of the company to repay the notes at any time. The principal amount of each note is convertible at the option of the holder thereof into common shares of the company at a conversion price of C$0.30 per common share. The notes are subject to a statutory hold period of four months from the date of issuance in accordance with applicable securities law.
Aptose Biosciences, headquartered in Toronto, Ontario, is a biopharmaceutical company specializing in the discovery, research and development of pharmaceutical products.
McCarthy Tétrault LLP represented Aptose Biosciences with a team led by Charles-Antoine Soulière, and including Jacob Stone.