Algae Biosciences Corp., a northern-Arizona firm working in three bioscience niches–neutraceuticals, pharmaceuticals, and biofuels–will soon be a public company. The reverse merger with Triwood Capital Corp. values Algae Biosciences at more than $6.8 million (Canadian):
Triwood Capital Corp. (TSX-V: TRD.H), to be renamed Algae Biosciences Corporation, has filed a final prospectus for an offering of up to 25 million common shares at $0.20 per share to raise up to $5 million. The offering is expected to close on April 15, 2011.
As Triwood’s proposed qualifying transaction (QT), Triwood and Algae Biosciences have agreed to effect a forward triangular transaction under which Algae Biosciences will merge with and into Algae Delaware, a wholly-owned subsidiary of Triwood, with Algae Delaware as the surviving entity. Following the completion of the QT, Triwood will be renamed Algae Biosciences Corporation.
Read more at the source: “Triwood Capital/Algae Bioosciences Files Final Offering Prospectus“