| Subsequent Events |
Note 23 - Subsequent Events
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|
On January 13, 2017, the Company completed a public offering of 1,789,500 common shares, raising net proceeds of $1,692,044. Below is a summary of the gross proceeds to net proceeds calculation. |
| |
|
Shares |
|
|
$ |
|
|
$ |
| Common Shares |
|
|
|
|
|
|
|
|
| Base Offering |
|
|
1,667,000 |
|
|
|
2,000,400 |
|
|
|
| Over-Allotment |
|
|
122,500 |
|
|
|
147,000 |
|
|
|
| Gross Proceeds |
|
|
|
|
|
|
|
|
|
2,147,400 |
| Underwriter/Gunnar Expenses |
|
|
|
|
|
|
|
|
|
|
| Discount |
|
|
|
|
|
|
150,318 |
|
|
|
| Legal Fees |
|
|
|
|
|
|
60,000 |
|
|
|
| Roadshow |
|
|
|
|
|
|
1,783 |
|
|
|
| Miscellaneous |
|
|
|
|
|
|
34,005 |
|
|
|
| Total |
|
|
|
|
|
|
|
|
|
246,106 |
| Akers Biosciences Expenses |
|
|
|
|
|
|
|
|
|
|
| Legal & Accounting |
|
|
|
|
|
|
197,813 |
|
|
|
| Registration/Regulatory |
|
|
|
|
|
|
11,437 |
|
|
|
| Total |
|
|
|
|
|
|
|
|
|
208,350 |
| Net Proceeds |
|
|
|
|
|
|
|
|
|
1,692,044 |
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|
In addition to the common shares issued, the Company also issued 833,500 warrants with an exercise price of $1.50 per common share in support of the base offering and 61,250 warrants with an exercise price of $1.20 per common share. All of the warrants issued carry have a five-year term. |
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On March 31, 2017, the Company completed a private offering of 1,448,400 unregistered shares of common stock, raising net proceeds of 1,760,817. The unregistered shares will be admitted to trading once a Registration Statement, which will be filed with the Securities and Exchange Commission within 20 days, has been deemed effective. Below is a summary of the gross proceeds to net proceeds calculation. |
| |
|
Shares |
|
|
$ |
|
|
$ |
| Common Shares |
|
|
|
|
|
|
|
|
| Base Offering |
|
|
1,448,400 |
|
|
|
2,027,760 |
|
|
|
| Gross Proceeds |
|
|
|
|
|
|
|
|
|
2,027,760 |
| Underwriter/Gunnar Expenses |
|
|
|
|
|
|
|
|
|
|
| Discount |
|
|
|
|
|
|
141,943 |
|
|
|
| Legal Fees |
|
|
|
|
|
|
50,000 |
|
|
|
| Total |
|
|
|
|
|
|
|
|
|
191,943 |
| Akers Biosciences Expenses |
|
|
|
|
|
|
|
|
|
|
| Legal Fees |
|
|
|
|
|
|
75,000 |
|
|
|
| Total |
|
|
|
|
|
|
|
|
|
75,000 |
| Net Proceeds |
|
|
|
|
|
|
|
|
|
1,760,817 |
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|
In addition to the common shares issued, the
Company also issued 724,200 warrants with an exercise price of $1.96 per common share with a five-year term.
On April 4, 2017, two warrant holders from
the January 13, 2017 public offering exercised 160,000 warrants with an exercise price of $1.50 per common share, raising net proceeds
of $240,000.
On April 5, 2017, two warrant holders from
the January 13, 2017 public offering exercised 3,300 warrants with an exercise price of $1.50 per common share, raising net proceeds
of $4,950.
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