BIOREM Inc. (TSXV:BRM) is pleased to
announce the final closing of its private placement. In the initial
closing, a total of 535 Units were issued for gross proceeds of
$535,000. Subsequently, an additional 124 units were closed which
brought the total units closed to 659 units for total gross proceeds of
$659,000.
Each Unit consisted of $1,000 principal amount of 8.00% convertible
extendible secured subordinated debentures (the "Debentures") with a
maturity date 2 years from the date of issuance and 2,808 common share
purchase warrants (the "Warrants"). The Debentures are convertible
into fully paid and non-assessable Common Shares of the Company at the
option of the holder at any time over their term at a price of $0.178
per Common Share. The maturity date of the Debentures can be extended
to the fifth anniversary date of the issuance date of the Debentures by
holders of 66.67% of the then outstanding principal amount of
Debentures. The Debentures can be prepaid in full at any time by the
Company upon giving holders 15 days notice of prepayment. Each Warrant
entitles the holder to purchase one common share at a price of $0.178
per share for a period of two (2) years from issuance. All securities
issued pursuant to the Private Placement will be subject to a four
month hold pursuant to applicable securities legislation. BIOREM intends to use the proceeds from the private placement for
working capital and general corporate purposes.