March 11, 2010 (FinancialWire) — YM BioSciences Inc. (AMEX: YMI) (TSX: YM) said it has closed a registered direct offering of 14.583 million units at an issue price of US $1.20 for gross proceeds of around US $17.5 million.

Each unit consists of one common share and one half common share purchase warrant. Each whole warrant may be exercised to purchase one common share at $1.60 until March 10, 2015.

Following this issue, the pro-forma total number of YM common shares outstanding is 80,187,476, including 2,380,953 common shares issued but held in escrow, and there are now outstanding 8,166,480 common share purchase warrants (including warrants issued to the agents).

According to YM, there were no warrants outstanding prior to the current issue, and there are no debt instruments and no preferred shares outstanding.

Canada-based YM BioSciences is a life sciences product development firm. Together with the products from YM Australia, the company is currently developing four late-stage products.

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