Message #3 From:
NewsBot Date: October 27, 2005 10:58:00 AM
BTIM News BioTime Commences Rights Offer
EMERYVILLE, Calif.--(BUSINESS WIRE)--Oct. 27, 2005--BioTime, Inc. (OTCBB:BTIM) announced today that it commenced its rights offer under which it will distribute subscription rights ("Rights") to the holders of its common shares entitling each holder to subscribe for and purchase one "Unit" for every five Rights held. Each Unit will consist of one new common share and one warrant to purchase an additional common share. The subscription price for the Units is $0.50 per Unit. Each full warrant will entitle the holder to purchase one common share for $2.00 per share and will expire on October 31, 2010. The rights offer will expire at 5:00 p.m. New York time on November 30, 2005. BioTime shareholders will receive one Right for each common share held as of the close of business on October 27, 2005, which has been set as the record date for determining shareholders entitled to receive Rights.
Shareholders who exercise all of their rights in full will be entitled to the additional privilege of subscribing for and purchasing any Units left over by rights holders who fail to exercise their rights, plus up to 1,787,145 Units to cover over-subscriptions, subject to certain limitations and subject to allocation.
A group of private investors (the "Guarantors") have agreed to purchase any Units that remain unsold at the conclusion of the rights offer, excluding Units that the Company has authorized to issue to fill over-subscriptions.
The Rights will be transferable, and BioTime expects that prices for the Rights will be quoted on the OTCBB under the symbol BTIMR if a market for the Rights develops. When issued upon the exercise of the Rights, prices for the warrants may be quoted on the OTCBB under the symbol BTIMW. Upon issuance of the new warrants, the expiration date of BioTime's outstanding publicly traded warrants, issued in the rights offer completed during January 2004, will be extended to October 31, 2010 so that all publicly traded warrants will have the same terms.
The securities described in this communication may only be offered by means of a prospectus. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
Forward Looking Statements
The matters discussed in this press release include forward-looking statements which are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated. Such risks and uncertainties include but are not limited to changes in economic and market conditions, and changes in the price at which the Company=s common shares and warrants trade. Other risk factors are discussed in BioTime's prospectus dated October 27, 2005.
