BPO 0.00% 0.3¢ bioprospect limited

Qcide update

  1. Oak
    1,815 Posts.
    Qcide Update/Share Purchase Plan/Placement

    Document date: Wed 04 Sep 2002 Published: Wed 04 Sep 2002 10:51:07
    Document No: 222414 Document part: A
    Market Flag: Y
    Classification: Placement , Issued Capital - Other , Progress Report - Other
    BIOPROSPECT LIMITED 2002-09-04 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    The Board of BioProspect Limited is pleased to announce that it has
    received some preliminary data from the field trials being performed
    with Qcide, the natural insecticide.

    The trials performed in the USA to date show that Qcide is showing
    very high activity against a range of hard-to-kill pests. Tests have
    been performed on almond, citrus and cotton crops, and Qcide has
    proven to be very effective at low concentrations. Whilst these
    results are only preliminary, they are extremely encouraging and
    support the laboratory and greenhouse tests previously performed at
    the University of Western Sydney.

    Field trials continue in other northern hemisphere locations and
    BioProspect expects to receive further results during September and
    October. Southern hemisphere-based trials are expected to commence in
    October as the temperature conditions and insect pressures increase.

    Upon completion of further field trials, BioProspect anticipates
    entering into commercial arrangements for exclusive rights to Qcide
    early next year. Due to the large size of the targeted markets,
    BioProspect believes that based on the initial trial results it will
    be able to negotiate substantial upfront license fees, milestone
    payments and ongoing royalties.

    SHARE PURCHASE PLAN

    The Board believes that the development of Qcide is now at the point
    where further funding towards the commercialisation of the product is
    warranted. In order to raise funds required for Qcide, the Company
    will introduce a Share Purchase Plan (the "Plan") that will enable
    existing shareholders to purchase new shares in BioProspect on
    favourable terms to the existing market price.

    Following past placements to clients of major stock broking
    institutions, the Company received a number of requests from
    Shareholders to participate in any further capital raisings. As a
    result, the Board resolved to pursue the Plan, which particularly
    benefits smaller shareholders.

    The Plan entitles each BioProspect shareholder, irrespective of the
    size of their shareholding, the right to purchase up to $3,000 worth
    of fully paid ordinary shares in BioProspect at a 15% discount to the
    market price, free of all brokerage, commission and stamp duty to the
    subscriber. The minimum subscription under the Plan is $1,000.

    The Board of Directors of BioProspect has appointed Findlay & Co
    Stockbrokers Limited as Sponsoring Broker to the Plan.

    In order to participate in the Plan, you must be an Eligible
    Shareholder with a registered address in Australia or New Zealand as
    at the Record Date of 5pm WST on Monday 16 September 2002.

    The shares will be issued at a 15% discount to the weighted average
    market price of the shares for the five trading days up to and
    including the closing date of the issue, being Friday 18 October
    2002.

    The detailed terms and conditions of the Share Purchase Plan will be
    forwarded to shareholders in due course.

    SHARE PLACEMENT

    The Board is pleased to announce that it has completed a placement of
    2,777,777 ordinary fully paid shares to Findlay & Co Stockbrokers
    Limited at a price of $0.09 to raise $250,000. The monies raised will
    be used for working capital purposes.

    Please find attached an Appendix 3B in regard to this issue.

    In accordance with ASIC Class Order 02/334, the Company advises that
    there is no information to disclose of the kind that would be
    required to be disclosed under subsection 713(5) of the Corporations
    Act, if a prospectus were to be issued in reliance of section 713 in
    respect of the issue.


    S Snell
    CHIEF EXECUTIVE OFFICER

    MORE TO FOLLOW

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