Dec 5 2009
- Peter Shippen appointed interim Managing Director following resignation of the company's President - Jenex retains management team to drive strategic growth plan - Annual and special meeting of shareholders resumes on December 10
The Jenex Corporation (TSXV: JEN, Frankfurt: JNX), a medical device company focused on the development and application of products based on its patented thermal therapy technology, today announced that on December 1, 2009 it closed a brokered private-placement equity financing. The offering is subject to receiving final acceptance from The TSX Venture Exchange (TSXV).
The offering, which has been modified from the planned financing announced on October 1, 2009, consists of 10,846,682 units at a price of $0.015 per unit for gross proceeds of $162,700.23. Each unit comprises one common share and one half common share purchase warrant, which, if all are exercised, would result in the issuance of an additional 5,423,341 common shares. The warrants will be exercisable at a price of $0.05 per common share for one year following the closing and at a price of $0.10 per common share for the 12 months thereafter. All of the securities issued by Jenex pursuant to the private placement will be subject to a four-month hold period under Canadian securities laws.
As previously announced, Kingsdale Capital Markets Inc. of Toronto acted as agent to the company for the private-placement offering. The company will pay Kingsdale a commission of $13,016.00 (equal to 8% of the gross proceeds) in cash and the company has granted the agent 1,084,668 warrants to acquire units (equal to 10% of the number of units sold). These agent warrants will be exercisable at $0.015 per unit for a period of two years following the closing of the offering.
The funds raised from this offering will be used to fund the company's re-launch under its new management team and Board; marketing support for its products; restructuring costs; settlement payments to former management and certain trade creditors; and for working capital and general corporate purposes.
Jenex also announced that Peter Shippen, CFA, a recently appointed director of the company, will serve as the interim Managing Director of the company following the resignation of its president and chief executive officer, Jon Aikman. The board is considering a number of candidates for the position of president and chief executive officer. Mr. Shippen is the president of Ark Fund Management. Prior to founding Ark Funds in August 2007, he was vice-president, Fund Research and Product Due Diligence, at a bank-owned investment dealer.