Vancouver, British Columbia – March 2, 2012 – Sirona Biochem Corp. (TSX-V: SBM, OTC: SRBCF, Frankfurt: ZSB), (“Sirona” or “the Company”) is pleased to announce that it has arranged a non-brokered private placement of up to 10,000,000 units of the Company at a price of $0.10 per unit (each a “Unit”) for gross proceeds of up to $1,000,000 (the “Private Placement”). Each Unit will consist of one common share of the Company (a “Share”) and one transferable share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional Share of the Company at any time for two years from the closing date of the Private Placement at a price of $0.18 per Share.
The Company is proposing to pay a finder’s fees (the “Finder’s Fees”) to finders, comprised of a cash fee representing 8% of the total proceeds of the Private Placement placed by such finder and warrants (the “Finder’s Warrants”) equal to 8% of the number of Units the finder sells in the Private Placement. The Finders’ Warrants will be exercisable into one additional Share of the Company at a price of $0.18 per Share for a period of 2 years from the closing date of the Private Placement.
The Company intends to use the proceeds from the Private Placement for general working capital.
All securities to be issued under the Private Placement will be subject to a four month hold period.
Closing of the Private Placement is subject to certain conditions, including TSX Venture Exchange acceptance.
About Sirona Biochem Corp.
Sirona Biochem Corp. is a biotechnology company developing diabetes therapeutics, cancer vaccine antigens, skin depigmenting and anti-aging agents for cosmetic use, and biological ingredients. The company utilizes a proprietary chemistry technique to improve pharmaceutical properties of carbohydrate-based molecules. For more information visit www.sironabiochem.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Sirona Biochem Corp.
Sirona Biochem cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. Forward-looking statements are only predictions based upon current expectations and involve known and unknown risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of release of the relevant information, unless explicitly stated otherwise. Actual results, performance or achievement could differ materially from those expressed in, or implied by, Sirona Biochem’s forward-looking statements due to the risks and uncertainties inherent in Sirona Biochem’s business including, without limitation, statements about: the progress and timing of its clinical trials; difficulties or delays in development, testing, obtaining regulatory approval, producing and marketing its products; unexpected adverse side effects or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization; the scope and validity of patent protection for its products; competition from other pharmaceutical or biotechnology companies; and its ability to obtain additional financing to support its operations. Sirona Biochem does not assume any obligation to update any forward-looking statements except as required by law.