XORTX Therapeutics Inc., announced a closing of gross proceeds of approximately C$2,700,000 of units, including approximately C$900,000 in a concurrent private placement of the Company in connection with international subscribers.
The initial tranche closing of the non-brokered offering comprised 824,767 common share units (“Common Share Units”) at C$3.00 per Common Share Unit, with each Common Share Unit consisting of one common share, no par value, and one warrant (“Warrant”) to purchase one common share at C$4.50 per common share for a period of two years for aggregate gross proceeds of C$2,474,301, prior to deducting offering expenses. The common shares and Warrants contained in the Common Share Units are immediately separable upon issuance. The Warrants have an initial exercise price of C$4.50 per share, will be immediately exercisable, and may be exercised for two years from the date of issuance, provided, however that, if, the common shares on the TSX Venture Exchange (“TSXV”) trade at greater than C$6.00 for 10 or more consecutive trading days, the Warrants will be accelerated and the Warrants will expire on the 30th business day following the date of such notice.
The Company completed the its second tranche closing under the same terms of the previously announced first tranche closing on February 15, 2024. The second tranche closing of the non-brokered offering comprised 74,950 Common Share Units for aggregate gross proceeds of C$224,850.
Fasken advised XORTX Therapeutics with a team comprised of Rick Pawluk, Payton Holliss and Shahd Al-Orfali (Capital Markets and Mergers & Acquisitions).
Jurisdiction
- Alberta
