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BELMAC COMPLETES PRIVATE PLACEMENT

 BELMAC COMPLETES PRIVATE PLACEMENT
 TAMPA, Fla., Oct. 27 /PRNewswire/ -- Belmac Corporation (AMEX: BLM)


announced today that it has successfully completed private placements of common stock and units consisting of common stock and warrants.
 Total gross proceeds from the private placement of 296,875 shares of common stock to seven investors was $2,375,000. An additional $5 million has been paid into escrow by one institutional investor in connection with the sale and issuance of 500,000 units. Each unit consists of one share of common stock and one six-year warrant to purchase a share of common stock.
 Belmac has agreed to file a registration statement with the SEC to register the shares of common stock (other than those shares issuable upon exercise of the warrants) by the end of February 1993. The price of the units (85 percent of an average market price of the common stock) and the exercise price of the warrants (105 percent of an average market price of the common stock) will be subject to upward or downward adjustment in the event of fluctuations in the market price of the common stock prior to registration.
 Proceeds of the offering are to be used for working capital and for potential acquisitions of pharmaceutical products or companies compatible with the company's strategy for growth.
 Jean-Francois Rossignol, chairman and chief executive officer, said this infusion of capital gives Belmac a great opportunity to strategically pursue its growth plans for 1993.
 Belmac Corporation is an international pharmaceutical company with a focus on the development and marketing of anti-infective drugs.
 -0- 10/27/92
 /CONTACT: Michael D. Price, director of corporate communications of Belmac Corporation, 813-286-4401; or Harold J. Costello of Hill and Knowlton, 813-221-0030, for Belmac Corporation/
 (BLM) CO: Belmac Corporation ST: Florida IN: MTC SU:


JB-AW -- FL002 -- 5259 10/27/92 09:50 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Oct 27, 1992
Words:306
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