Prana Biotechnology (NASDAQ:PRAN) has entered into a securities purchase agreement with Life Biosciences LLC to raise up to ~A$44.5M (~US$31.4M).
Life Biosciences will initially invest US$7.5M (~A$10.6M), with the agreement allowing Prana to raise an additional US$2M. A further amount of up to ~US$21.9M (~A$31M) would be invested by Life Biosciences and other investors on exercise of short-term warrants being issued as part of the transaction.
The transaction involves an issue of ~272M new fully paid ordinary shares in the capital of Prana. The Ordinary Shares would be issued at A$0.0390 (3.9 cents) and the Warrants would have an exercise price of A$0.0450 (4.5 cents).
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