Arch Biopartners Completes Private Placement and Receives NRC Funding
TORONTO, ONTARIO--(Marketwired - Feb. 25, 2014) -Arch Biopartners Inc ("Arch" or the "Company") (CSE:ACH)(OTCBB:FOIFF) announced today it has raised $228,900 via a non-brokered private placement of 817,500 Units at a price of $0.28 per Unit.
Each Unit comprises of one common share and one common share purchase warrant. Each warrant allows the holder to purchase an additional common share at $0.50 cents during the 24 month period following the close of the private placement. The proceeds will be used for the Company's working capital and general corporate purposes. The common shares and any common shares issued from the exercise of the warrants will be subject to a hold period of 4 months from the closing date.
Arch also announced today that the National Research Council of Canada - Industrial Research Assistance Program (NRC-IRAP) has approved funding up to $91,000 to assist Arch in the development of its bio-organic metal surfaces technology.
About Arch Biopartners
Arch Biopartners is a portfolio based biotechnology company established to develop new products and technology for sale to pharmaceutical and industrial companies.
For more information on the Company, please consult the other public documents filed on SEDAR at www.sedar.com.
All statements, other than statements of historical fact, in this news release are forward looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of the Company. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
The CNSX has not reviewed and does not accept responsibility for the adequacy of this release.