Quadra Logic Technologies of Vancouver, British Columbia,announced late Thursday a public offering of 2.75 million unitsat $6.50 per unit. The offering is expected to close on or aboutJuly 9, the company said.
Each unit consists of one common share and one-half commonshare purchase warrant, the company said. Each whole warrantwill entitle the holder to purchase one common share for $7 onor before Dec. 31, 1993. The warrants will not be exercisable orseparable from the corresponding common shares until Oct. 7,or such earlier date as the company and the underwriters maydetermine, Quadra Logic (NASDAQ:QLTIF) said.
Net proceeds of the offering, together with cash on hand, willbe used to fund the costs of clinical drug development, testingand commercialization of the company's photodynamic therapyproducts, the company said.
The offering is being underwritten by Burns Fry Ltd., WoodGundy Inc., Richardson Greenshields of Canada Ltd. andMidland Walwyn Capital Inc.
Shares closed unchanged Thursday at $5.25.
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