Arch Biopartners Closes Private Placement Financing

Arch Biopartners (TSXV:ARCH; OTCBB:ACHFF) closed the non-brokered private placement for gross proceeds of $155,000.
As quoted in the press release:

Arch issued 310,000 Units priced at $0.50 per Unit (the “Units”) for gross proceeds of $155,000. Each Unit consists of one common share of the Company and one common share purchase warrant (the “Warrant”). Each Warrant entitles the holder thereof to acquire one common share of the Company at an exercise price of $0.50 per common share for a period of 24 months from the closing date of the Offering. All securities issued in connection with the Offering are subject to a hold period of four months and one day from the closing date.
An Independent Director of the Company participated as an insider in the Offering. The issuance of Units to the insider is considered a related party transaction within the meaning of Multilateral Instrument 61-101 (“MI 61-101“). The Company is relying on the exemptions from the requirements of MI 61-101 in respect of any Insider Participation.

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Source: www.marketwired.com