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Stellar Biotechnologies, Inc. (the "Company" or "Stellar", TSX.V: KLH) announces a non-brokered private placement financing consisting of up to 6,000,000 units (the "Units") at a purchase price of $0.60 per Unit to raise gross proceeds of up to $3,600,000 (the "Private Placement").
Each Unit will consist of one common share in the capital of the Company and one transferable share purchase warrant. Each warrant will entitle the holder to purchase one additional common share in the capital of the Company for a period of two years from the date of issuance, at a purchase price of $0.90 per share during the first year and $1.15 per share during the second year.
The Company may pay a finder's fee in accordance with the policies of the Exchange and subject to the approval of the TSX Venture Exchange.
The securities issued will be subject to a hold period of four months and one day.
Proceeds of the Private Placement will be used for corporate purposes, including the completion of the development and regulatory process for IMG KLH and the Stellar KLH/IMG-based primary immune diagnostic product as envisioned in the Company's Filing Statement dated December 22, 2009, as well as the commercial launch of the new, KLH-based product line. Given current plans, Stellar expects this funding to fulfill the Company's capital needs into 2012.
The Company was approached by a very limited group of substantial, long-term investors to complete this financing. In Management's opinion this represents the best financing opportunity available to the Company and will allow it to advance the business toward the achievement of all its current goals, including those discussed in the Filing Statement.
The Private Placement will be subject to approval by the TSX Venture Exchange.
Statements in this press release other than purely historical factual information, including statements relating to revenues or profits, or the Company's future plans and objectives, or expected sales, cash flows, and capital expenditures constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in the technology history. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. Except in accordance with applicable securities laws, the Company expressly disclaims any obligation to update any forward-looking statements or forward-looking statements that are incorporated by reference herein. This news release does not constitute an offer to sell, or a solicitation of an offer to buy any of the Company's securities set out herein in the United States, or to, or for the benefit or account of, a U.S. Person or person in the United States. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of these releases.
About Stellar Biotechnologies
Stellarís product, KLH, is a potent immuno-stimulatory protein with an exceptional record of safety and non-toxicity in humans that is being used in medicines known as conjugate therapeutic vaccines and in other biomedical products. Already a world leader in the production of KLH, Stellar plans to further monetize its KLH production platform and maximize the commercial impact of its intellectual property portfolio through the physical sourcing, purification and supply of medical-grade KLH. KLH is exclusively sourced from the blood of the rare keyhole limpet and Stellar has technology for the maintenance of that animal, as well as a non-lethal extraction method of the critical molecule and refinement process for KLH that it currently sells into growing academic, research, pharmaceutical markets.
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Darrell Brookstein, Executive VP, Business Development & Finance
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