MONTREAL, Jan. 30, 2017 /PRNewswire/ - BioAmber Inc. (NYSE: BIOA) is pleased to announce that on January 27th the Company reimbursed its CDN$25 million loan (approximately US$19.3 million) with Bridging Finance Inc. Following the repayment of this loan, BioAmber has no corporate debt.
On January 27th, 2017 BioAmber also closed on its previously announced public offering of 3,684,212 shares of common stock together with warrants to purchase 1,842,106 shares of common stock, at a price to the public of US$4.75 per share and associated warrant, as well as the full exercise of the underwriters' option to purchase an additional 552,632 shares of common stock and additional warrants to purchase 276,316 shares of common stock. The gross proceeds from the offering were US$20.1 million and the expected net proceeds are approximately US$18.6 million, after deducting Company expenses, underwriting discounts and commissions. The warrants are exercisable at a price of US$5.50 per share of common stock, have a term of four years, and are exercisable upon the date of issuance. A portion of these securities was issued in Canada on a private placement basis. Rodman & Renshaw, a unit of H.C. Wainwright & Co., acted as the sole book-running manager in connection with this offering and AltaCorp Capital, Cormark Securities and Clarus Securities acted as co-managers.
Copies of the prospectus supplement and the accompanying base prospectus related to the offering may be obtained for free by visiting EDGAR on the Securities and Exchange Commission's website at www.sec.gov. Alternatively, copies of the prospectus and the prospectus supplement relating to the offering may be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, New York, NY 10022, by calling 646-975-6996 or by email at firstname.lastname@example.org.
BioAmber (NYSE: BIOA) is a renewable materials company. Its innovative technology platform combines biotechnology and catalysis to convert renewable feedstock into building block materials that are used in a wide variety of everyday products including plastics, paints, textiles, food additives and personal care products. For more information visit www.bio-amber.com.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about BioAmber. BioAmber may use words such as "expect," "anticipate," "project," "intend," "plan," "aim," "believe," "seek," " estimate," "can," "focus," "will," and "may" and similar expressions to identify such forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are risks relating to, among other things, whether or not BioAmber will be able to raise capital, market and other conditions, BioAmber's business and financial condition, and the impact of general economic, industry or political conditions in the United States or internationally. For additional disclosure regarding these and other risks faced by BioAmber, see disclosures contained in BioAmber's public filings with the SEC, including the "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 31, 2015, and under the heading "Risk Factors" of the prospectus supplement for this offering. You should consider these factors in evaluating the forward-looking statements included in this press release and not place undue reliance on such statements. The forward-looking statements are made as of the date hereof, and BioAmber undertakes no obligation to update such statements as a result of new information.
SOURCE BioAmber Inc.