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Unilife Completes A$23.1 Million Private Placement

Fri, 12/03/2010 - 7:38am
Bio-Medicine.Org

LEWISBERRY, Pa., Dec. 3, 2010 /PRNewswire-FirstCall/ -- Unilife Corporation (Unilife or Company) (Nasdaq: UNIS; ASX: UNS) announced today that it has completed the A$23.1 million private placement (Placement), which was previously announced on 29 November 2010.

Unilife issued 27,228,143 CHESS Depositary Interests (CDIs) (Placement CDIs) at an issue price of A$0.85 (each CDI representing an interest in one sixth of a share of the Company's common stock) with free attaching unlisted options (Placement Options) to sophisticated and professional investors in Australia. The principal terms of the Placement CDIs and Placement Options are as set out in our announcement on 29 November 2010.

Unilife intends to use the net proceeds from the Placement and SPP for the purchase of additional capital equipment, for general operations including the development of other pipeline products and supporting the 2011 transition of Unilife into a commercial manufacturer and supplier of its proprietary medical devices to pharmaceutical and healthcare companies.

As the issue of the Placement CDIs was within the Company's 15% issue capacity under ASX Listing Rule 7.1, approval for the issue of the Placement CDIs (and Placement Options) is not being sought from the Company's shareholders.

Restrictions on resale of shares and CDIs into the U.S.The Placement was, and the forthcoming Share Purchase Plan (SPP) will be, made available to investors in reliance on the exemption from registration contained in Regulation S of the United States Securities Act of 1933 (US Securities Act) for offers of securities which are made outside the U.S. This means that a registration statement (similar to an Australian prospectus) is not required to be prepared with respect to the Placement or the SPP.

However, in order t

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