Strong Demand in ChondroGene Rights Offering
TORONTO, CANADA (January 17, 2002): Dr. K. Wayne Marshall, President and CEO of ChondroGene Limited (the "Company" or "ChondroGene"), is pleased to announce the successful completion of the Company’s rights offering to its shareholders on January 15, 2002. The fully subscribed offering resulted in gross proceeds to the Company of $1,323,152.
The number of common shares taken up in the initial subscription (3,411,132) represented 87.7% of the total available for subscription. The demand for shares on additional subscription was approximately 5.2 million shares, substantially exceeding the 480,493 shares available for additional subscription. Following the offering, ChondroGene has 19,458,228 common shares issued and outstanding. Dundee Securities Corporation acted on behalf of the Company as its agent and manager of the rights offering.
This press release contains forward-looking statements, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein. Investors should consult the Company's ongoing quarterly filings and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements.