11:36 AM EST - LAB Research Inc. : announced the closing of its earlier announced rights offering for total gross proceeds of $14.2 million. A total of 34.6 million common shares of the company were issued as part of the transaction including 18.3 million common shares issued to the Solidarity Fund QFL. Following the closing of the rights offering, the Fund's ownership position in LAB Research common shares increased to 41% from 18%, the company noted. The company said the net proceeds of the offering will be used for the repayment of a bridge loan for $500,000; to complete the installation of inhalation toxicology equipment for its Canadian site for $2.4 million; and to reduce its long-term debt in Canada by $5 million. The remainder of the proceeds will be used for working capital purposes, LAB Research added. LAB Research Inc.
shares T.LRI are trading down $0.13 at $0.52.
