HAMILTON THORNE ANNOUNCES AMENDMENT TO PROPOSED PRIVATE PLACEMENT AND DEBENTURE INTEREST CONVERSION
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
BEVERLY, MA and TORONTO, Ontario – August 25, 2011 - Hamilton Thorne Ltd. (TSX-V: HTL) (“Hamilton Thorne” or the “Company”), a leading provider of advanced laser systems for the regenerative medicine, fertility and stem cell research markets, today announced, further to its news release issued on August 8, 2011, that it has amended the terms of its proposed private placement of common shares (“Common Shares”) of the Company. Under the revised terms, the Company proposes to issue an aggregate of up to approximately 15,000,000 Common Shares at a price of CDN$0.20 per Common Share, for aggregate gross proceeds of up to approximately US$3.0 million. The Company anticipates that up to approximately 12,250,000 Common Shares, representing gross proceeds of up to approximately US$2.45 million, will be issued to insiders of the Company. The Company is expecting an initial closing with insiders on or before August 31, 2011 with the offering to remain open to additional participation for up to thirty days thereafter. The private placement remains subject to the approval of the TSX Venture Exchange (“TSX-V”).
As a result of these amendments, the Company also adjusted the proposed terms pursuant to which the holders of the convertible subordinated debentures issued in August 2010 and March 2011 may exercise the previously announced right to convert the interest accrued on the principal amount of such debentures into Common Shares. All accrued interest shall now be convertible into Common Shares at the new offering price of CDN$0.20 upon exercise of the voluntary debenture conversion right. All other debenture conversion terms, as announced on August 8, 2011, remain unchanged. The conversion of all accrued interest into Common Shares remains subject to TSX-V approval.
For further details on the proposed private placement and the debenture conversion, including commentary on certain related party transactions matters, please refer to the Company’s news release issued on August 8, 2011.
About Hamilton Thorne Ltd. (www.hamiltonthorne.com)
Hamilton Thorne provides novel solutions for Life Science that reduce cost, increase productivity as much as ten-fold, and enable research breakthroughs in regenerative medicine, stem cell research and fertility markets. The Company’s new LYKOS™, Staccato™ and Stiletto™ laser systems offer significant scientific advantages in the fields of developmental biology, cancer research and advanced cell biology. Hamilton Thorne's laser products attach to standard inverted microscopes and operate as robotic micro-surgeons, enabling a wide array of scientific applications and procedures. Each member of Hamilton Thorne’s family of products serves a different research purpose. By simply turning the microscope turret, researchers can have a new world of scientific capabilities at their fingertips.
Hamilton Thorne’s growing customer base includes pharmaceutical companies, biotechnology companies, fertility clinics, university research centers, and other commercial and academic research establishments worldwide. Current customers include world-leading research labs such as Harvard University, MIT, Yale, McGill University, DuPont, Monsanto, Charles River Labs, Jackson Labs, Merck, Novartis, Pfizer, Oxford University, and Cambridge.
Neither the Toronto Venture Exchange, nor its regulation services provider (as that term is defined in the policies of the exchange), accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict including the risk that the Company may not be able to obtain the necessary regulatory approvals. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in filings by the Company with the Canadian securities regulators, which filings are available at www.sedar.com.