BioTime Commences Rights Offer.EMERYVILLE, Calif. -- BioTime, Inc. (OTCBB OTCBB See OTC Bulletin Board (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 en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: the holder to purchase one common share for $2.00 per share and will expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. on October 31, 2010. The rights offer will expire at 5:00 p.m. New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 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 en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: 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 au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: 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 Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. 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 solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. |
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