Nanotechnology Now

Our NanoNews Digest Sponsors





Heifer International

Wikipedia Affiliate Button


android tablet pc

Home > Press > ViRexx Announces Results of Rights Offering and Failure of LM Funds Corp. to Provide Standby Commitment

Abstract:
ViRexx Medical Corp. (TSX:VIR) (AMEX:REX), a company focused on developing innovative-targeted therapeutic products that offer better quality of life and a renewed hope for living announces that LM Funds Corp., the standby guarantor under its previously announced rights offering, has failed to fulfill its obligation to provide $3,000,000 CA as the Standby Purchaser for the rights offering.

ViRexx Announces Results of Rights Offering and Failure of LM Funds Corp. to Provide Standby Commitment

Edmonton, AB, Canada | Posted on September 10th, 2008

The Company received 13,244,367 valid tenders for common shares from shareholders who exercised their basic subscription privilege and received 834,535 valid tenders for common shares from shareholders who exercised their additional subscription privilege. In total 14,078,902 rights were exercised which provided gross proceeds to the Company of $633,550.59 CA.

LM Funds Corp. failed to meet its obligation to provide the Standby Commitment of $3,000,000 CA and has notified the Company that it will not meet this obligation. Management is working with its advisors to examine the Company's alternatives in order to determine the appropriate course of action and to attempt to find alternative funding.

"Although we are very disappointed by LM Funds Corp.'s inability to meets its obligation we are encouraged by the number of shareholders who participated in the rights offering", said Darrell Elliott, Chairman and Interim Chief Executive Officer of ViRexx. "We will continue to work closely with our advisors to take appropriate actions where necessary in order to meet the Company's strategic objectives."

If alternative, equivalent financing to replace the LM Funds Corp. commitment is not arranged by close of business on September 18, 2008 shareholders who exercised their rights and wish to rescind their participation in the rights offering will have the opportunity to do so once the appropriate rescission process is determined.

####

About ViRexx Medical Corp.
ViRexx is a Canadian-based development-stage biotech company focused on developing innovative-targeted therapeutic products that offer better quality of life and a renewed hope for living. Our platform technologies include product candidates for the treatment of Hepatitis B, Hepatitis C, avian influenza viral infections, biodefence and nanoparticle applications, select solid tumors and late-stage ovarian cancer.

This news release contains certain forward-looking statements that reflect the current views and/or expectations of the Company with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.

The TSX has not approved or disapproved of the information contained herein.

For more information, please click here

Contacts:
ViRexx Medical Corp.
Darrell Elliott
Chairman and Chief Executive Officer
(780) 433-4411
(780) 436-0068 (FAX)

or
ViRexx Medical Corp.
Brent Johnston
Chief Financial Officer
(780) 433-4411
(780) 436-0068 (FAX)

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Iran to Hold 3rd Int'l Engineering Materials, Metallurgy Conference October 25th, 2014

Haydale Secures Exclusive Development and Supply Agreement with Tantec A/S: New reactors to be built and commissioned by Tantec A/S represent another step forward towards the commercialisation of graphene October 24th, 2014

QuantumWise guides the semiconductor industry towards the atomic scale October 24th, 2014

SUNY Polytechnic Institute Invites the Public to Attend its Popular Statewide 'NANOvember' Series of Outreach and Educational Events October 23rd, 2014

VC/Funding/Angel financing/Loans/Leases/Crowdfunding

TARA Biosystems and Harris & Harris Group Form Company to Improve Safety and Efficacy of New Therapies October 22nd, 2014

7th Nanotechnology Festival, Exhibition Kicks Off Work in Iran October 7th, 2014

Harris & Harris Group Letter to Shareholders on Website August 19th, 2014

Harris & Harris Group to Host Conference Call on Second-Quarter 2014 Financial Results on August 15, 2014 August 12th, 2014

Nanomedicine

NYU Researchers Break Nano Barrier to Engineer the First Protein Microfiber October 23rd, 2014

Iranian Scientists Apply Nanotechnology to Produce Surgery Suture October 23rd, 2014

RF Heating of Magnetic Nanoparticles Improves the Thawing of Cryopreserved Biomaterials October 23rd, 2014

Sopping up proteins with thermosponges: Researchers develop novel nanoparticle platform that proves effective in delivering protein-based drugs October 22nd, 2014

Announcements

Iran to Hold 3rd Int'l Engineering Materials, Metallurgy Conference October 25th, 2014

Haydale Secures Exclusive Development and Supply Agreement with Tantec A/S: New reactors to be built and commissioned by Tantec A/S represent another step forward towards the commercialisation of graphene October 24th, 2014

QuantumWise guides the semiconductor industry towards the atomic scale October 24th, 2014

Strengthening thin-film bonds with ultrafast data collection October 23rd, 2014

NanoNews-Digest
The latest news from around the world, FREE





  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More














ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project







© Copyright 1999-2014 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE