RICHMOND, British Columbia, Sept. 17, 2009 (GLOBE NEWSWIRE) -- Whispering Oaks International, Inc., d/b/a BioCurex (OTCBB:BOCX) announced today that it has completed a private placement financing in which it sold promissory notes in the aggregate principal amount of $450,000 and 6,428,578 shares of its common stock for an aggregate purchase price of $450,000. After deducting a commission of $55,500 payable to the placement agent in connection with the sale, the Company received net proceeds of $394,500.
The promissory notes bear interest at a rate of 10% per annum. Both interest and principal are payable on August 31, 2010. However, if the Company sells any capital stock and receives gross proceeds of at least $3 million from such sale prior to August 31, 2010, it must prepay the principal under the notes from such proceeds.
Dr. Ricardo Moro, Chief Executive Officer of BioCurex, stated: "Having concluded a three year 'standstill' arrangement with our secured note holders (as previously announced), we were able to successfully complete this financing. The net proceeds from the sale of these securities, which have already been released from escrow, will be used to fund our operations and enable us to pursue other financing alternatives."
About BioCurex
BioCurex is a biotechnology company that is developing products based on patented/proprietary technology in the areas of cancer diagnosis, imaging and therapy. The technology identifies a cancer marker known as RECAF(TM), which is found on malignant cells from a variety of cancer types but is absent in most normal or benign cells. To read more about the Company, please visit the News section in our web site (www.biocurex.com).
Forward Looking Statement Disclaimer
This release contains a number of forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expresses or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with Securities and Exchange Commission. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.
The Company has not authorized the release of this information in any form that contravenes the Communication Act and will not be responsible for unsolicited massive distribution of this material by e-mail or facsimile by unauthorized parties.