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Theralase completes C$4.27mln public offering

Thursday, November 10, 2016 14:17
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Theralase Technologies Inc (CVE:TLT) has closed a public offering of units, raising C$4.2mln, the company said on Thursday.

Earlier this week, the company said it could raise up to C$6mln. Read more.

On closing, Theralase said it issued an aggregate of 14,236,666 Units at a price of $0.30 per Unit for aggregate gross proceeds of approximately $4,271,000.

Each Unit consists of one common share of the Corporation and one common share purchase warrant. Each Warrant entitles the holder to acquire an additional Common Share at a price of $0.375 for a period of 60 months following the date of issuance.

Echelon Wealth Partners Inc. acted as sole agent, while Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, was appointed by the Agent as the exclusive selling group member to facilitate sales of the Units in the United States.

The net proceeds of the Offering will be used to fund research and development activities by Theralase’s PhotoDynamic Therapy division, commercialization activities by Theralase’s Therapeutic Laser Technology division and for working capital and general corporate purposes.

In connection with the services performed under the Agency Agreement, the Company paid a cash commission of $237,119.99 and issued 526,933 broker warrants. Each Broker Warrant is exercisable into one Unit for a period of 60 months from the closing of the Offering at a price of $0.375 per Unit.

An aggregate of 533,333 Units representing gross proceeds of approximately $160,000 were issued to certain “related parties” to the Corporation.

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