BioAmber announces reimbursement of corporate debt and closing of public offering
BioAmber Inc. is pleased to announce that on January 27th the Company reimbursed its CDN$25 million loan (approximately US$19.3 million) with Bridging Finance Inc. Following the repayment of this loan, BioAmber has no corporate debt. On January 27th, 2017 BioAmber also closed on its previously announced public offering of 3,684,212 shares of common stock together with warrants to purchase 1,842,106 shares of common stock, at a price to the public of US$4.75 per share and associated warrant, as well as the full exercise of the underwriters’ option to purchase an additional 552,632 shares of common stock and additional warrants to purchase 276,316 shares of common stock. The gross proceeds from the offering were US$20.1 million and the expected net proceeds are approximately US$18.6 million, after deducting Company expenses, underwriting discounts and commissions.
The warrants are exercisable at a price of US$5.50 per share of common stock, have a term of four years, and are exercisable upon the date of issuance. A portion of these securities was issued in Canada on a private placement basis. Rodman & Renshaw, a unit of H.C. Wainwright & Co., acted as the sole book-running manager in connection with this offering and AltaCorp Capital, Cormark Securities and Clarus Securities acted as co-managers. Copies of the prospectus supplement and the accompanying base prospectus related to the offering may be obtained for free by visiting EDGAR on the Securities and Exchange Commission’s website at www.sec.gov. Alternatively, copies of the prospectus and the prospectus supplement relating to the offering may be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, New York, NY 10022, by calling 646-975-6996 or by email at firstname.lastname@example.org.