Ondine Announces Completion of $1.78 Million Private Placement
- Share Exchange with Grafton Fund –
VANCOUVER, B.C. - June 3, 2009
– Ondine Biopharma Corporation (the “Company” or
“Ondine”, TSX: OBP; AIM: OBP), a medical device company developing photodisinfection
based products, today announced it has completed the private placement with Grafton Resource
Investments Ltd. (“Grafton”) which was press released on May 19
th
. The private placement
consisted of a share exchange transaction with Grafton, a Closed-End fund managed by Newland
Fund Management LLP of London, England.
Ondine issued 14,851,250 of its common shares at C$0.12 per share to Grafton, representing a
value of C$1,782,150 (US$1.5 million), in exchange for 39,042 Ordinary Shares of Grafton Fund
(the “Grafton Fund Shares”) at US$38.42 per fund share. The common shares of Ondine issued
pursuant to the share exchange transaction are subject to a hold period in Canada expiring
October 3, 2009. An application has been made for the 14,851,250 common shares issued by
Ondine under the private placement to be admitted to trading on AIM, and admission is expected
to occur on June 4, 2009. Subsequent to the closing of this placement, Grafton Fund owns a total
of 17.5% of Ondine's issued and outstanding shares. In connection with this transaction, DFC
Corp. received a finder’s fee, which includes 250,000 share purchase warrants. Each warrant is
exercisable into one common share of Ondine at $0.12 until June 2, 2011. Upon completion of
this private placement Ondine will have 84,830,594 common shares outstanding.
About Grafton Fund
The Grafton Fund is a Cayman Island-based Closed-End fund managed by Newland Fund
Management LLP of London, England and was incorporated for the purpose of capital gains
appreciation of diversified investments in the medium term. The Fund Managers have had past
success with similar funds and a long track record in the investment industry. Newland Fund
Management LLP plans to list the Grafton Fund shares on the Irish Stock Exchange and on one
or more additional exchanges in the near future, but there are no assurances that a listing on a
public exchange will occur and therefore there can be no assurances of financial liquidity. For
additional information about Newland Fund Management LLP and the Grafton Fund, please visit
www.newlandfinancial.co.uk
.
About Ondine Biopharma Corporation
Ondine Biopharma develops non-antibiotic therapies to treat a broad spectrum of bacterial,
fungal and viral infections. The Company is focused on developing leading-edge products that
utilize its patented light-activated technology to kill microbes without encouraging the formation
and spread of antibiotic resistance. Ondine is a publicly-traded company listed on the Toronto
and AIM stock exchanges under the symbol OBP. Ondine is headquartered in Vancouver, British
Columbia, Canada, and has a research and development facility in Bothell, Washington, USA
and an international office in St. Michael, Barbados. For additional information, please visit the
Company's website at:
www.ondinebiopharma.com
.
