Amadeusz Juskowiak

Microbio mrc plans acquisition financing

Microbiological Research Corp said it entered into a letter of intent for a proposed business combination with privately owned DataGene Scientific Laboratories Inc and Milex Corp a newly formed company through a stock swap

It also said it received 100000 dlrs from the sale of a convertible note to Ventana Growth Fund as part of an overall 1100000 equity financing plan with Ventana Under that plan a minimum of 400000 dlrs and a maximum of one mln dlrs of additional new capital is to be provided to fund the combined operations of the three companies

Microbiological also said that if the maximum additional capital is raised it will own about 49 pct of 455000 shares of common outstanding in the new combined company DataGene holders will own 29 pct and Ventana and others will own 13 pct

It said the remaining nine pct will be held by Milex shareholder Norman Monson who will become chief executive officer of the combined companies