The private placement, totaled
In connection with the private placement, certain insiders of InNexus comprised of the Chairman & CEO, some members of the Board and senior management, participated on the same terms in the offering for an aggregate of approximately 19% of the issued Debenture. InNexus paid a
Participation in the private placement by insiders of InNexus is considered to be a related-party transaction as defined under Multilateral Instrument 61-101. The transaction is, however, exempt from the formal valuation and minority shareholder approval requirements under the Instrument as neither the fair market value of the securities being issued nor the consideration paid exceeds 25 percent of InNexus' market capitalization.
Upon conversion of the Debenture, the common shares will be subject to a four-month "hold period" from the date of conversion under the policies of the TSX Venture Exchange and applicable securities legislation.
About InNexus
InNexus is a drug development company commercializing the next generation of monoclonal antibodies based on its DXL technology, which improves the potency of existing antibody products while opening new markets and disease applications. DXL antibodies utilize unique, novel and patented methods and technologies of InNexus.
InNexus is headquartered in
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. This news release may contain assumptions, estimates, and other forward-looking statements that involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control, which may cause actual results or performance to differ materially from those currently anticipated in such statements.
SOURCE InNexus Biotechnology Inc.